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  #1  
Old 01-24-2017, 03:17 PM
HGSTCFO HGSTCFO is offline
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opening prior periods

Good afternoon,

I am new here and am hoping that someone can help. I actually have a two fold issue but think that one fix is what I need...lol

So in my first year with this company and having some piss poor auditor doing our books we did not receive the adjusting entries before I rolled the fiscal year. Of course there are only two years at a time open in peachtree...currently my years are July 2015 through June 2017 and I need to make adjustments as of June 2015.

My question: Is there a way to reopen a prior period that is in a prior year no longer open in Peachtree. I am currently on Peachtree 2012, any and all help is appreciated. Thanks!

Last edited by HGSTCFO; 01-24-2017 at 03:37 PM.
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Old 01-25-2017, 08:51 AM
Lorin Browning Lorin Browning is offline
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Even if you were able to open a closed period and make an entry to that closed period, doing so would be pointless. Pointless, because the entry from the prior period would not be carried forward to affect current data.

The usual procedure for dealing with adjustments to a prior period is to make one or more general journal correcting entries (usually dated January 1 of the current open year). For the memo enter something similar to "Based on auditor's adjustment for 20xx" where the xx identified the year for which a correction was required. Retained earnings would be the balancing account. By "balancing account" I mean when all the debit and credit entries are made and the journal entry is out of balance, plug whatever balancing amount is necessary to Retained Earnings (an equity account in the Balance Sheet).

Cautions: If the correcting entry shows that an understatement of income for a prior period is required, then an amended tax return may be required. Also, if the corrections are material, prior audited statement may have to be prepared. (The auditor should be able to advise you about both of these,)
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Old 01-25-2017, 03:36 PM
HGSTCFO HGSTCFO is offline
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Thank you for your response!!!
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