Making Adjustments to a Closed Year

• How do I make adjustments to a closed year?

How do I make adjustments to a closed year?

There is a way to make year-end adjustments without distorting financial reports for the last period of the fiscal year. It is done by making a special entry type — Year-End Adjustment.

Year-end adjustment type entries are special type entries that can optionally be included or excluded on reports based on specific report needs.

To make a year-end adjustment type entry, create the entry as you normally would (Transactions>Enter Journal Vouchers), but use the last day of the fiscal year as the effective date and select Year End Adjustment as the entry type.