Posting Journal Adjustment to Closed Financial Year Dynamics GP

Suppose you have adjustment or audit adjustment need to post to recent closed financial year, there is a feature Dynamics GP allows you to do so. When you posted the adjustment, system will automatically adjust the beginning balance in the new financial year. Refer steps below on how to post a prior year adjustment.

1. Make sure the Post to Historical Financial Year feature is enable.
Path: MSDGP > Tools > Setup > Financial > General Ledger

2. Fiscal Period for the adjustment to be posted is Open.

3. Enter the prior adjustment using Transaction Entry in Financial.

4. Remember to select "AUDIT" from Source Document.

*** Take note that user no need to enter Retained Earning account as system will auto adjust.

5. Print Edit List report before posting. You will notice another entry will be auto created to adjust Retained Earning account at the same time.

6. Once the posting is done, user need to close the historical Fiscal Period to avoid other users accidentally posting to it.

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