Sage 50 Canadian edition will allow entries in the current fiscal year and in the immediate prior fiscal year. The concern I would have would be if the immediate prior fiscal year has already been sent to the accountant and the taxes are filed. In this situation it is not wise to make any adjustments unless they are the accountant's year end adjusting entries.

To make an entry in the immediate prior fiscal period all that is required is to make the date on the entry one in the required fiscal period. If you mean that the books are closed because you have set the program to not allow entries prior to this date, then you will have to go in and change/remove the date until the entries are made and then put the date back again. All account balances will be properly adjusted and brought forward into the current fiscal period.

If the books have been closed by the accountant and tax return filed I would suggest making the entry using an early date in the new fiscal period. I would suggest using the 2nd of the new month. When making this entry you can use the Balance Sheet accounts but I would not use the Income Statement accounts as these balances have all been closed to zero at year end. As the income or expense belongs in the prior period I would make the entry against the Retained Earnings account.

Before making any of these entries I would be discussing the situation with the accountant along with your suggested entry. They should have the final say as they are responsible for the tax filings.

Sage 50 Canadian edition will allow entries in the current fiscal year and in the immediate prior fiscal year. The concern I would have would be if the immediate prior fiscal year has already been sent to the accountant and the taxes are filed. In this situation it is not wise to make any adjustments unless they are the accountant's year end adjusting entries.

To make an entry in the immediate prior fiscal period all that is required is to make the date on the entry one in the required fiscal period. If you mean that the books are closed because you have set the program to not allow entries prior to this date, then you will have to go in and change/remove the date until the entries are made and then put the date back again. All account balances will be properly adjusted and brought forward into the current fiscal period.

If the books have been closed by the accountant and tax return filed I would suggest making the entry using an early date in the new fiscal period. I would suggest using the 2nd of the new month. When making this entry you can use the Balance Sheet accounts but I would not use the Income Statement accounts as these balances have all been closed to zero at year end. As the income or expense belongs in the prior period I would make the entry against the Retained Earnings account.

Before making any of these entries I would be discussing the situation with the accountant along with your suggested entry. They should have the final say as they are responsible for the tax filings.