G/L Create New Year???

[2005smw]

I tried to my first January 09 batch from the GL today and it gave me an error that I can't post to a future year. I realize now that I probably need to Create a New Year under G/L Periodic Processing but when I go to do this it give me a warning saying that this function will prepare the GL for processing in the next fiscal year. I want to do this but I am not done making entries into 2008. I need to get started on 09 while someone else in our department is working on closing off the year. Does anyone know what happens to my historical date if I create a New Year, can I still go back and make changes? I am using Version 4.1

 

[ettienne]

Yes you can.
Check GL Setup Options, Posting, Keep x years of Fiscal Sets and Transaction Detail.

 

[2005smw]

Wont that just save the history or are you saying it will save the history and keep it open for the x years that I want to be able to update it? By the way, thank you for your response.

 

[ettienne]

You can post to any prior year that has been retained in history.

 

[2005smw]

One last question hopefully : ) Do you know how this affects our retained earnings? I assume that once we open up a new year, our numbers are automatically sent to retained earnings. So, having said this, if I had to go back and add adjustments, say to revenue as an example, will I manually have to update our retained earnings or will this happen just by posting.

 

[Jay Converse]

If you post to a prior year to an expense account, retained earnings are automatically adjusted.