Posting to previous years.

SOLVED

I have taken on a project where the previous bookkeeper was only using the program Sage 50 2013 Can Edition for A/R, A/P and payroll mostly (and not even doing that right) so she was not entering the bank statements, Receiver General or payroll remittances etc.  I am having to go back to Oct. 2007 in an old Accpac Dos program first then they switched to Simply in Apr. 2009 but I am not able to make any adjustments or postings previous to Oct. 2011 (beginning of their last fiscal year end).  My 2 questions are: Is there a way to be able to make adjustments or postings earlier than last fiscal year & If not what are the suggestions for being able to tidy all of this up?  I was thinking of just starting a parallel company starting Apr. 2009 and do all of the proper postings and then adjust the original data at Oct 2011 to match my new reconciled balances in the parallel company data.  Help on this subject would be really appreciated.  Thanks.

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  • 0

    Better Your Business Bookkeeping Services said:
    Is there a way to be able to make adjustments or postings earlier than last fiscal year

    No, sorry.  Not without going through a lot of trouble getting someone to do the entries at the level of data repair.

    Better Your Business Bookkeeping Services said:
    If not what are the suggestions for being able to tidy all of this up?

    I'm not sure I would go through the trouble of reposting several years worth of data if some adjusting entries will fix it up.  You can post back to the beginning of the last fiscal year in the file.  Post an income statement accounts to the Retained Earnings account.  That will correct the start of the previous fiscal year but not do anything with the historical entries in the file before that year.  Make sure there is nothing posted on that first day of the last fiscal year first and if there is, adjust and post them on the second day.  That way you will have a day to balance the previous year's closing entries.

  • Thank you very much for your feed back Richard and I would love to be able to do that but upon further investigation the previous bookkeeper (If you could call her that) had no clue what she was doing. She has been posting all of the purchases to inventory for the past 5 1/2 years, she is running 2 bank accounts when there is only 1 instead of using the existing cash clearing account and for quite some time the sales were being posted to the expense accounts and sometimes she would post the GST/HST and sometimes not.  I could go on but I think you get the drift.

  • verified answer

    Yeah, I got it.  It depends on the volume of entries which way is the best to go.   Clean up like this is never fun.  I've done a few over the years and am working on a small one right now (only about 6 months behind).  Unfortunately the programmers decided not to let any entries to be posted before the previous year.  We have asked for the AE to have this capability but it has not been discussed openly as something that will go into the program in the near future.  So it's possible that going back and reposting is the best idea.

    Maybe you can take a parallel file as you suggest, with year end figures, correct each year, then post the changes to your current set of books to the first day of last year.  Then move on.  Keep your working files for audit purposes.

  • SUGGESTED

    Hi BYBKS,

    Since i joined the group recently i was reviewing this posting, I know there is one utility program available in the market which can import into previous year(s) - Sales Invoices, Purchase Invoices, Payments, Receipts, Journal Entries. Please check it out http://www.swagsys.com/

    Thanks,

    Akhtar Rawasia

    Business Innovation Technologies Inc.

    [email protected]

    www.businnovatech.com

    http://www.swagsys.com/

    www.bithelp.ca

    (905) 944-8900

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