New fiscal year and transactions

[JRHollywood]

Hi, I have a question on fiscal years. We enter a lot of reversing entries at my company. December is the last month of our fiscal year. I've set up FY2006 in GP already and I opened up January so reversing entries could be entered. I haven't posted anything yet though, I wanted to see if this is okay or not? Other systems this was okay that I've used, but in my "year end closing" procedures book, it says to do the year end close before letting people into the new year. Is it okay to let them in now for reversing entries? If not, is the best thing just to have no reversing entries, and people will have to manually reverse them in January when it is open and Dec closed?

 

[stef315]

It's okay to start posting in the new year. You can post to one closed only though once you've closed FY2005 you won't be able to post to FY2004. Also, this is provided you have that option marked in General Ledger setup (Tools-Setup-Financial-General Ledger, Allow Posting to History).