Sagitta insights: Adjustments to prior year

January 7, 2019 /

Written By: Alysse Mirisola, Manager, Customer Support

Have you ever wanted to troubleshoot a minor problem or set up a new function without needing to call support? We strive to help you succeed and we know how valuable your time is. That’s why, each month, we’re bringing you a support tip to help you resolve your issues as quickly and easily as possible. These Sagitta insights are just one way we want to help you become better every day.

Last month, we discussed closing year-end, along with common errors that can occur during that process. This month, we’re shifting focus towards adjusting the prior year after it’s been closed. There’s nothing worse than completing a monumental task only to realize something became misaligned along the way. But not to worry because you can fix it and we’re here to help you learn how.

How to make adjustments to prior year when the year-end has been closed (from MyVertafore, article 2649)

Use these procedures to make a journal entry:

  • Click Accounting. Click Financial Management.
  • Expand Journal Entries. Click Journal Adjustments.
  • Click Load for the reference number and input the Journal Entry as normal with two exceptions:
    • Change the Period End Date to be the Fiscal Year End Date (period 12 date, i.e., 12/31/YY.)
    • Enter Source Code as YE. This will allow the posting to occur to a period that is closed.
  • Click Save and update the Journal Entry through Journal Adjustments Report

Use these procedures to make an accounts receivable adjustment:

  • Click Accounting. Click Accounts Receivable.
  • Expand Adjustments. Click AR Adjustments.
  • Click Load for the reference number and input the Adjustment as normal with two exceptions:
    • Change the Period End Date to be the Fiscal Year End Date (period 12 date, i.e.,12/31/YY.)
    • Select Yes for YE Adjustment.
  • Click Save and update adjustment through AR Adjustments Report/Update

Once the entry is completed and updated, rerun Period 12 Financial reports, then rerun the Year End close process.

We hope these steps help drive efficiency in your business by giving you the ability to troubleshoot minor problems or set up new functions with minimal effort and time. We are dedicated to delivering results you can see and helping you achieve your business goals. Please reach out to us through MyVertafore if you have any further issues or questions.