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To Make Adjustments to a Prior Year

After closing a fiscal year, you may find the need to make an adjustment—most likely in the last period of the prior year. Making an adjustment involves reopening the adjustment period, changing the current period for the EntityCompany, making the adjustment, and then re-closing. Complete the steps below to make an adjustment.

Reopen the Adjustment Period

1. Make the following selections from the menu: eFinancials—Select—Active Periods—Active GL Periods. The Active GL Periods Tab displays.
2. At Selected EntityCompany, select an EntityCompany from the drop-down list. The fiscal years for the selected EntityCompany display in the grid below.
3. Use the Find Button to locate the year in which you are interested, and then select it.
4. Click the fiscal year. The general ledger periods for that fiscal year display.
5. Locate the period you want to reopen.
6. In the Active column for that period, click the check box next to the period to add a checkmark. A checkmark indicates that a period is open.
7. At Closed, delete the date for the period close.
8. At Closed By, delete the user ID for the period close.
9. Click Save. The system reopens the period.

Change the Current Period for the EntityCompany

1. Make the following selections from the menu: eFinancials—Setup—GL Setup—EntitiesCompanies. The Setup Entities TabCompany General Tab displays.
2. Use the Find Button to locate the EntityCompany you want to edit, and then select it.
3. Select the General TabGeneral Tab, and then locate the field Current Period.
4. Change the current period to the adjustment period.
5. Click Save. The system reopens the period.

Make the Adjustment and Re-Close

1. Enter an adjustment journal entry.
2. Approve the batch if your setup requires batch approval.
3. Close the period again.
4. Close the fiscal year again.

See Also

GL Fiscal Year Close Tab