Is there a way to open closed periods no longer available?

I have just been hired to 'catch the employer up on past reconciliations' .  The employer is a non-profit so issues with timely tax returns is not as much of an issue as it would be with for profit companies. 

The employer hired me to reconcile account for tax return reporting for fiscal year 2014 - this involves months July, 2013 thru June 2014.  The accounting period was closed and not available to reopen from viewing the tasks system change account period.  The only options available are July 2014 forward.

Is there a way to open this closed period and record some journal entries?

Thanks so much for you assistance!

Linda

  • Hi

    I’ve found an article that can assist you with your question “Can I create a general journal entry in a closed year?” http://bit.ly/1Q0FgE2

    Thanks
    JSelemani
  • Is there a way to open this closed period and record some journal entries?

    There is not a way to "open" a closed period within your company, but as this article indicates it is possible to "import" a general journal entry into a closed period. I have done this, but I would caution users to be very careful doing this--since once you do it there is no way to edit or delete it. This is why it would be very important to do a backup before importing. I'd only consider this option if there were a limited number of entries to make. But even though it is possible to do this, this option would still not allow access to closed periods for account reconciliation.

    Another possible option....and I would not consider this except under very unique circumstances (which we can discuss if you feel they might apply to you). You might consider rebuilding the company with 2014 open. That way you could use the account reconciliation function, plus make any changes or new entries desired. Then once you complete 2014, you could close it and complete the import of all the newer transactions.

    How these ideas help.
  • Oh, I do feel your pain! Adding to these suggestions, I would restore the backup that was made at the close of the year (where the periods you want are in the 24 open periods) into a NEW Company. Run a Trial Balance for the year end from the New Company and compare with the beginning balances of your current company as they must match. Then you could do all the bank reconciliations in the New company. At the end of the New Company year, the Balance Sheet will most likely be different so you will need to make a decision on how you want to bring the current company balances in line with the NEW company balance. I would run a Trial Balance for both companies at the year end, then Import a GL JE for the differences into the Current Company. In the current company I would go to the 1st period, open the Bank Recon and clear all transactions that have been cleared.including the GL JE you made to correct the cash differences. If you are missing a check from a prior period just enter it as a Beginning Balance inside of the Bank Recon so it doesn't create a transaction in the GL.
    Option 2. If you do not want to do one GL JE for the differences, then for all missing transactions you enter into the NEW Company you will need to export each one and import them into the Current Company so your ending balances will match. Then do the Bank Recon as suggested.
    For the Import process you could put an identifier in the reference of the Gl JE that is unique so you can extract just the adjustments you made by that same reference #'s for example PYA 1, PYA 2. (Prior year adjustment 1) This will also be very helpful if you decide to do option 2 because you will be able to find any missing transactions in the current company by that unique identifier.
    Hope this post has been helpful.
  • Thank you so much! This article might prove to solve my problems!
    LCooper
  • I will certainly give this a try. I couldn't rebuild as there are hundreds of invoices, etc. I really don't need to reconcile because I have already done so. I just need to record the corrective journal entry. Once this journal entry has been completed and recorded as imported, would it then become part of the financials moving forward or would it have to entered again into the open year? Would I be able to see the changes from the JE when I print out financials of the closed year?

    Really appreciate your kind assistance,
    LCooper