Can I back up today (May 10), then start new fiscal year and record entries for May, then later on restore the back-up, do y/e aje's then start fiscal year(again) and "re enter " May transactions?

SUGGESTED

Hi everyone!  Our year end is April 30, but I am still waiting for our accountant to finalise year ending April 30 2021.  So if I start a new fiscal year, I cannot go back to April 2021 to do the accountant's year end journal entries. (I can only work in May 21 to April 22).   I hope to have them this month.  In the meanwhile I need to run payroll for May 15th.  I am wondering if I do a back up today, then start a fiscal new year, run payroll and do whatever is necessary, then when I get the finalised year end back from our accountant, if I could restore the back up for today, do the year end entries and then roll over the new fiscal year.  At this point I would then re-create/enter the May journal entries which I had done this week.  Do you think that would work or does anyone have another idea / solution for this situation?  Thanks for your input.

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    You should be able to post in current year and in previous year. I often continue to post current year's transactions then once I get the accountant's AJEs I untick the 'Do Not Post Before' date and post the AJEs. Once I have verified the AJEs' and the TB against the Accountant's TB then I tick the Do No Post.... box and enter the date that will lock out the previous year. I also do a Save As and call it ABC Apr30 21 YE Final, then go back to my current data file and continue on with posting current year's transactions.

    Does that help you?

  • 0 in reply to Smith and Co

    Thanks, yes I know I can post in the current and previous year, however its the prior year I'm waiting for the ye aje's. So essentially

    May 20 to Apr 21 is not finalised.by accountant   

    May 21 to Apr 22 needs to roll forward (y/e not finalised either as I'm still waiting for 20-21 to be finalised by accountant before it can be finalised..).

    May 22 to Apr 23 needs to be available to work on.

    My understanding is that the May 20 to Apr 21 will not be accessible  (except for viewing transactions) once I roll over into the current year of April 22 to Apr23.  That's why I'm trying to find a way around it.......

    Thanks for the tips on creating a "save as" file and particularly ticking the do not post box.  I have never  used that feature as I did not realise that you can go back and uncheck it to enter the previous years aje's.  Thanks for responding to my post.

  • 0 in reply to Louise dF

    You can roll into the current year so that you can post in the current year May2022 to Apr2023. It will ask if you want to clear previous year's journal entry - say NO to this. It will warn that you are entering a new fiscal year - that is ok, still continue on. Then go ahead and post the current year. When you get the AJEs from the accountant then you can still post those in the May2021 to Apr2022 year - it will allow you to use the date of Apr30/22. Once you have posted the AJEs and verified the TB then you can go back into that 'Do Not Post Before' section, put a tick mark there and enter May1 2022 - that way no-one can post anything using dates of Apr30, 2022 or earlier.

    Then do a Save As and call it ABC Apr30 2022 YE Final JE1234 (I usually add the last JE nbr for that year myself).

    If you are still worried then do a Save As and call it Testing123 - go into that data file and try all the things I said so that you can see how it works. You can always delete that data file later - sometime it's handy to keep around in case you want to try something to see how it works before you actually do it in the proper data file.

  • 0 in reply to Smith and Co
    SUGGESTED

    Hi Smith and Co. and Louise:  From what I am reading I think it is being missed that you have need to work in three years, 2021, 2022 and 2023. You are currently working in 2022, waiting for YE adjusting entries for 2021 and needing to get going in 2023. Yes, your first suggestion Louise would work where you take 2022, make a copy, and move on to 2023 for the May entries. When you  have received your 2021 entries you can make them in the original 2022 file using the date of April 2021. Then you would have to repeat all of the May 2022 entries. If you do not have many transactions this would not be an onerous task.

    There is an alternative method depending on your need for fully accurate statements at the end of 2021. If you roll ahead to 2023, you can still go back to make entries date May 1st, 2021. Using this date make your 2021 adjusting entries. All entries using the Balance Sheet Accounts are fine, however, if an income or expense account is used you would change the account to Prior Period Retained Earnings (or a similar name) which is a 3xxx account. This will adjust all of your 2022 opening entries without duplicating the income or expenses.

    I hope this makes sense.

  • 0 in reply to Alwyn

    Of course Alwyn - I'm so sorry Louise. You were explicit in the years and I totally missed that. Alywn is right in confirming your original idea Disappointed