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The Modify Prior Year Closing Balances feature lets you adjust the prior year balances that are stored within a configured ledger. This feature:
creates any new accounts in the file
updates any modified descriptions in the file
saves all modified balances for the selected year.
This feature doesn't update the underlying ledger with these adjustments. The modified balances are stored separately and used by Client Accounting only and won't be reflected in your client's data file.
Print your Trial Balance and use it to compare it to your client's balances. If the balances are different, you'll need to modify their prior-year balances.
If you have multiple years to update, you'll need to do this separately as any changes to prior-year balances affect only the selected year. For example, if you modify the balance of the inventory account, you may have to make corresponding adjustments to the same or other accounts in subsequent years.
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