changing accounting period help

[property1]

I need to make an adjustment as of 12/31/06 but i can only make adjustments to 07 and 08 accounting periods- is there a way to open a closed fiscal year to make such an adjustment?

[rick Prindivill]

As a general statement, you cannot make entries or adjustments to a closed period in a closed year.

Assuming that you have filed tax returns based on the strength of the 2006 financials, you would not want to be making changes. You would then make the adjustments in the 2007 accounting year.

[property1]

yes, I understand that- these were adjustments I was supposed to make last year (my accountant did them manually when she did my taxes but wanted me to update them in the software so the account balances were correct) I am giving her my stuff for this year and realized I never made those year end adjustments in the program from last year.

[TheWolf]

Go to Maintain, Chart of Accounts, and click on the beginning balances button. A window will appear to select a time frame for "Prior Period Adjustment", select the time frame. You will see totals for each GL account. Change these totals to what they should be, and then save. Make sure they are balanced or Peachtree will create an account called beginning balance equity and post the difference to it. Triple check your totals before saving, and make sure debits equal credits.

[property1]

Thanks- I will try that

[property1]

That was exactly what I was looking for- Thanks for the help!