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 Overview

There are two methods to make an adjustment for a closed period. You can either set the accounting period to a prior period or enter an adjustment to the current period for the prior period.

 

Use either of the following methods to make an adjustment for a closed period:

• To set the accounting period to a prior period

• To enter an adjustment to the current period

 

To set the accounting period to a prior period

1. Select General Ledger Setup menu > General Ledger Options.

2. On the Main tab, in the Current Period field select the past accounting period to post to and click Accept. For more information, see General Ledger Options - Fields.

3. Enter and update a general journal entry to the selected period, or post a register from another module to the selected period.

4. When you are finished, reset the Current Period field back to the current period on the General Ledger Options Main tab.

The system automatically reflects the adjustments for the prior period.

 

To enter an adjustment to the current period

• Enter and update a general journal adjustment to the current accounting period date, or post a register from another module to the current accounting period date.

The adjustments for the prior periods are reflected in the current period.