We are still using version 6.00 (we are on a budget). Anyway, our auditors just finishing conducting the audit for 2008 and it is time to post those Adjusting entries on 12/31/08, problem is that when I try to post I get an error message saying " you can not post more than one year prior to the first day of the earliest open year". Our IT person even restored GP back to Dec 2010 in order to get rid of 2011. 2010 has not been close yet, 2009 has. so technically I should be able to post in 2008, any suggestions?
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Posting in 2008 adjusting journal entries 1
- Thread starter alfmoren
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VictoriaYudin
IS-IT--Management
2010 has not been close yet, 2009 has. so technically I should be able to post in 2008"
Sorry, that is not correct. Rephrasing the error message you are getting, you can only post to last closed year. If 2009 is the last closed year, you can post to 2009. You cannot post back to 2008 after closing 2009. The number of open years does not make any difference - you can create new years all the way up to 2050 - that won't hurt anything or change the behavior of posting to closed years.
So what to do now? I can think of a few options:
- If you only recently closed 2009, you can restore back to then, but that is not often realistic, as you would lose all the transactions since then.
- If you were on a supported version of GP and were not on a budget, the Microsoft Professional Services team offers a service to open your closed years - so they could open 2009, you can then post to 2008, as that becomes the last closed year, then re-close 2009 when you are done. This is not a free service and I am not sure if they would do this for version 6.0 at this point, but if it is important, you may want to check with them on this.
- Enter the adjustments in 2009 into an account called Prior Year Adjustments or something similar. Depending on the materiality of the adjustments, this may be fine, but is something your auditors/CPA would need to ok.
- Create a new GP company that will hold the correct GL balances for all your years. If you own Integration Manager, you can import monthly net changes into the new company pretty easily and can then use this new company for financial reporting. Not pretty, but might be the least expensive way to go if you absolutely need to have these adjustments in 2008.
Victoria Yudin
Dynamics GP MVP 2005 - 2010
Use Crystal Reports and SSRS with GP:
blog:
Sorry, that is not correct. Rephrasing the error message you are getting, you can only post to last closed year. If 2009 is the last closed year, you can post to 2009. You cannot post back to 2008 after closing 2009. The number of open years does not make any difference - you can create new years all the way up to 2050 - that won't hurt anything or change the behavior of posting to closed years.
So what to do now? I can think of a few options:
- If you only recently closed 2009, you can restore back to then, but that is not often realistic, as you would lose all the transactions since then.
- If you were on a supported version of GP and were not on a budget, the Microsoft Professional Services team offers a service to open your closed years - so they could open 2009, you can then post to 2008, as that becomes the last closed year, then re-close 2009 when you are done. This is not a free service and I am not sure if they would do this for version 6.0 at this point, but if it is important, you may want to check with them on this.
- Enter the adjustments in 2009 into an account called Prior Year Adjustments or something similar. Depending on the materiality of the adjustments, this may be fine, but is something your auditors/CPA would need to ok.
- Create a new GP company that will hold the correct GL balances for all your years. If you own Integration Manager, you can import monthly net changes into the new company pretty easily and can then use this new company for financial reporting. Not pretty, but might be the least expensive way to go if you absolutely need to have these adjustments in 2008.
Victoria Yudin
Dynamics GP MVP 2005 - 2010
Use Crystal Reports and SSRS with GP:
blog:
- Thread starter
- #3
Victoria, thanks for your response. Perhaps I did not phrase it correct. I have not close 2009 yet. 2008 has been closed, now I added adjusting entries to the 13th period of 2008. How can I rollforward the 2008 entries into 2009. Would it do that after I close 2009?. Now my BS is out of balance because the retained earnings are out of balance. thanks, Alfonso
VictoriaYudin
IS-IT--Management
Alfonso,
Did you just add a 13th period to 2008? If it was there all along (prior to closing 2008), everything should be working properly and updating the beginning balance for 2009 when you post. If that is not happening, my first thought would be to try running Reconcile for the Financial Series (under Utilities).
However, I am a bit confused. Your original message stated that you were getting the following error: "you can not post more than one year prior to the first day of the earliest open year" - are you not getting that anymore?
Victoria Yudin
Dynamics GP MVP 2005 - 2011
Use Crystal Reports and SSRS with GP:
blog:
Did you just add a 13th period to 2008? If it was there all along (prior to closing 2008), everything should be working properly and updating the beginning balance for 2009 when you post. If that is not happening, my first thought would be to try running Reconcile for the Financial Series (under Utilities).
However, I am a bit confused. Your original message stated that you were getting the following error: "you can not post more than one year prior to the first day of the earliest open year" - are you not getting that anymore?
Victoria Yudin
Dynamics GP MVP 2005 - 2011
Use Crystal Reports and SSRS with GP:
blog:
- Thread starter
- #5
Dear Victoria,
This is what happened. I asked my IT person to restore back to the day 2009 was pre-closed ( in other words the last year closed was 2008). This happened on March 3, 2010, in that way we got rid of all 2010 information and 2011. We have switched as of January 1, 2010 to Quickbooks. Our company is small, in size, and in revenue, so Quickbooks fits our needs. Now our auditors just finished auditing 2008 and gave me the adjusting journal entries for 2008, before the restoration I could not post because I had 2010 and 2011 open in Great Plains, that is why I got the message. Now I don't have 2011 open and 2010 information is gone, in this way I was able to post finally the adjusting entries in 2008. What I found after I had posted these entries is that I can't re-close 2008.
So my question now is would the adjusting entries posted on the 13th period of 2008 roll over 2009 when I close 2009?, so in that way my Assets are going to equal my Liabilities?. Please advice.
Thanks,
Alfonso
This is what happened. I asked my IT person to restore back to the day 2009 was pre-closed ( in other words the last year closed was 2008). This happened on March 3, 2010, in that way we got rid of all 2010 information and 2011. We have switched as of January 1, 2010 to Quickbooks. Our company is small, in size, and in revenue, so Quickbooks fits our needs. Now our auditors just finished auditing 2008 and gave me the adjusting journal entries for 2008, before the restoration I could not post because I had 2010 and 2011 open in Great Plains, that is why I got the message. Now I don't have 2011 open and 2010 information is gone, in this way I was able to post finally the adjusting entries in 2008. What I found after I had posted these entries is that I can't re-close 2008.
So my question now is would the adjusting entries posted on the 13th period of 2008 roll over 2009 when I close 2009?, so in that way my Assets are going to equal my Liabilities?. Please advice.
Thanks,
Alfonso
VictoriaYudin
IS-IT--Management
Thanks for the additional information, that helps.
I cannot see how closing 2009 would help. If 2008 was already closed and you posted to it, any 2008 entries would have been closed automatically. If you are not seeing that, either something went wrong with the posting, or we're still missing some information.
Was the 13th period there in 2008 prior to you closing 2008? Or did you just create it to post these adjustments?
Is there anything in Batch Recovery? (Under Routines)
Victoria Yudin
Dynamics GP MVP 2005 - 2011
Use Crystal Reports and SSRS with GP:
blog:
I cannot see how closing 2009 would help. If 2008 was already closed and you posted to it, any 2008 entries would have been closed automatically. If you are not seeing that, either something went wrong with the posting, or we're still missing some information.
Was the 13th period there in 2008 prior to you closing 2008? Or did you just create it to post these adjustments?
Is there anything in Batch Recovery? (Under Routines)
Victoria Yudin
Dynamics GP MVP 2005 - 2011
Use Crystal Reports and SSRS with GP:
blog:
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