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Use the Modify Prior Year Closing Balances feature to adjust the prior-year balances stored in a configured ledger, without posting to the underlying configured ledger.
The Modify Prior Year Closing Balances feature:
- creates any new accounts in the file
- updates any modified descriptions in the file
- saves all modified balances for the selected year to the AE/AO database.
Changes to prior-year balances affect only the selected year. If you have multiple years to update, you'll need to update each year separately.
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.
- Go to the Client Accounting > Trial Balance/Workpapers tab.
- From the TASKS bar, click Modify Prior Year Balances.
- Select the year you want to modify the balance for and click OK.
In the Modify Prior Year Closing Balances window, enter a value in the Debit or Credit column.
If you've configured an AccountRight ledger and you need to add an account:- Click the Add account button to insert a blank row at the end of the table.
- In the Debit or Credit columns, use the blank row to add an:
- account code
- account name and
- amount.
This feature is currently not available for Essentials or MYOB Ledgers.
Check that your changes balance, then click OK to save.
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