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

SOLVED

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

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  • 0
    SUGGESTED
    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
  • 0 in reply to 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.
  • 0 in reply to Suzy Payne Rabb
    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
  • 0 in reply to Linda.cooper
    SUGGESTED
    You should be able to import a general journal entry into a closed period. If done correctly, it would appear on journals, general ledgers and impact financial statements just as if you entered it when the period was open. Just be careful and backup before the import and verify after. If you see anything wrong you should immediately restore. If you get the entry imported correctly in the closed period, then that is all there is. No need to enter it again in the open year. (see my prior post on importing option).
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  • 0 in reply to Linda.cooper
    SUGGESTED
    You should be able to import a general journal entry into a closed period. If done correctly, it would appear on journals, general ledgers and impact financial statements just as if you entered it when the period was open. Just be careful and backup before the import and verify after. If you see anything wrong you should immediately restore. If you get the entry imported correctly in the closed period, then that is all there is. No need to enter it again in the open year. (see my prior post on importing option).
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