You're at the end of your day and just got done reconciling your books for 2014. Everything is balanced, reports have been filed, and your fiscal year has been closed in General Ledger. Right before you head out for the day your Accountant says, "Hey! There's one last adjustment we need to make! Can you enter this in before you go?". You think to yourself, "Sure! It's just a few entries. What could happen?"

You come in the next morning and none your reports for 2015 tie out. Every single one of your ledger is out by that adjusting entry you made! AHHHHH! 

This is one of the most common things we run into this time of year. Users are closing the fiscal year and find that they have adjustments to enter. General Ledger was built to accommodate such adjustments! Simply record your entries to the prior year and reclose the fiscal year. Some clients are concerned, "But I don't want to close my current year! Won't it close the year again?!?!?!?" Rest assured, it won't. The only time the system will actually CLOSE your fiscal year is when your current GL period matches your current fiscal end date. For example, if your current GL period is March 2014 and your fiscal end date is December 2015, the fiscal will not be able to close. The system then knows to look at the prior fiscal year for any adjustments that need to be closed out to retained earnings.

Using the search terms "prior year adjustments" in our support knowledgebase will yield several articles encompassing adjustments and how to close them out in General Ledger!

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