adding to closed year

[dulcinea]

Happy New Year everyone!

Can anyone tell me what I should do about additional checks found during an audit that were not posted in 2004? They were unfortunately written on an account which we assumed was not used (I know- never assume) and I have since closed 2004 so that we could work in the current year. Do I make a general journal entry or ????

Thanks in advance for any and all help!!

[LauraG]

Did you make a backup copy of the file before you closed 2004?

It was suggested on another board to restore the 2004 file into a NEW company and make your updates there.

When you have completed your changes to 2004 switch to your current company file. Go into Maintain Chart of accounts and update your Beginning Balances to reflect the final balance sheet from 12/31/2004.

[gale]

Not a good idea to make changes to the Beginning Balances. Beginnging Balances are for when you first start using Peachtree
General Journal entry with a Date of Jan 1, 2005 would be a better option.

[LauraG]

I've seen it suggested both as a Journal entry as well as adjusting the beginning balances even when not creating a new file.