Member Since: 10th Apr 2013
25th Jun 2013
I have run into this at times. I first run a journal entry report using the first day of fiscal year 2012 and then change all those to read as the 2nd day of fiscal year 2012. Then I post the adjusting entries using the first day of fiscal year 2012 and at that point I verify the trial balance to ensure it is correct with accountant's TB. Then each time I need to run 2012 financial report I use starting date as the 2nd day of fiscal year. The comments on these adjusting JEs would reflect that it is in reference to the 2011 AJEs. I do a save as naming it as Company Name 2011 YE AJEs posted MMM 01,2012. If it is more than just the AJEs that were missed then I also post each missing entry the same way as originally posted other than changing date to the first day of fiscal year 2012 so that there is an audit trail - if necessary I will add original date of source document to inv nbr/chq nbr/JE source/etc so that one does know what month the entry originated. While the excel method does work if one were to open the 2011 YE data file months down the road it is all there and no wondering what that big chunk of a JE was for if one did not know where the excel sheet is located.