Adjust Current Year

Access this feature during transaction entry using Adjust Current Year.

Use this button to have the system check the current document for line items with an effective date in a closed fiscal year. If the system finds any, it generates new entries that adjust the beginning balance of the current year for those line items. The system adds these new entries (line items) at the bottom of the transaction entry table. The new adjusting entries are created according to the closing account assignments with effective dates set to the beginning of the current year.

When selecting an entry type of A (End of Year Adjustment) or AO (Adjust Current Year) in the transaction entry table, the document amount must be the total amount of the entries even though the sub-ledgers—Accounts Payable, Accounts Receivable, and Bank Reconciliation, for example—are only affected by the End of Year Adjustment entries. The Adjust Current Year entries affect the General Ledger reports.

You must have already set up closing account assignments for Interfund Transfers, Revenue, or Expenditure type accounts. Closing account assignments must be set up using Maintain>Closing Account Assignments.