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Peggy-Sue

Entering Opening Balances with Wrong Date

SOLVED
Posted By

I am taking over the bookkeeping for a new client.  I received a Trial Balance from the accountant.  This trial balance was at July 31, 2013 so I will be posting entries for the year beginning August 1, 2013 to July 31, 2014.  In error, I entered everything as at August 1, 2013 instead of July 31, 2013 and finalized the history.  (Most of my clients are new clients, without any history to enter, so I'm new at this).  Is there a way to change the history entered so it dated July 31, 2013 so when I start a new year, I will be working in the year beginning Aug 1, 2013, OR do I have to re-do it all?  Would I be able to make an adjusting entry dated August 1, 2013 to debit all the revenue accounts so the balances are zero, credit the expense accounts so the balances are zero and put the difference to retained earnings? 

Any suggestions would be greatly appreciated.

  • 0

    There's no way to change the dates of historical entries once you've closed history entry off and set the ledger / module to 'live'.

    Yes, you could manually close the accounts as of August 1, and these transactions would net to zero on an August 1 - July 31 year.  The transactions would show on a ledger report.

    Or, it would be 'cleaner' looking if you export all the 'ledger' lists, and import them into another new company file, and then re-do all the opening balances from the other books.

  • 0
    verified answer

    If you were to clear out your current income and expense into Retained Earnings at Aug1/13 in your current data files then everyone would always have to remember to start from Aug2/13 when looking at current year income stmts.

    It would be better to redo after exporting the chart of account as per RandyW. You could start with begin and end fiscal year as July31/13 to enter all the trial balance numbers including the income and expenses. Then move forward into a new fiscal year of Aug1/13 to July13/14. This way you could access previous year-to-date income stmt.

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