We only capture once a month at month end and November transactions were posted to December 1st. It appears accounting chose capture just December 1st and then chose to capture outdated transactions with post to December 1st also. Everything has an apply date of today. I am trying to wrap my head around the next steps.
Anyone run into this before and any input appreciated?
What is your end game? Is November your year end or “just” a monthly close?
I’m thinking you could post a reversing journal entry for the outdated transactions into November (reversing in December). The source would be the outdated transactions from your capture.
If November is your year end, your auditors may have issues with the reversing entry into the next fiscal year.
It is just a normal month end.
If the transactions were posted, there isn’t much you can do now. I’m not Accounts, but I think it can be fixed with (a lot of) journal entries.
We had this a couple of times and now our Accounts have a mandatory step at month-end to run COS/WIP with that option checked - that prevents situations like this.
You can’t change previous periods and the outdated probably got applied today because the earliest apply date was set to the first day of the period. This is how it should be. If someone accidently or on purpose backdated a transaction that should not go back to a previous period.
Still trying to figure out the best path forward to get the balances to November and clear out December. If we do reversing entries the year will be OK but December as a month will not be I believe.
If they happened in the past you can JE them back to where they belong. There is not anything else or just leave them.
So basically I am going to take the Inventory/WIP GL recap and do a manual entry the opposite of the the recap in December. Then for November just create a manual entry that matches the recap. Any flaw in that logic?
I have the posted transactions from the Inventory/WIP from right after they ran the capture.
You could do that, but then your subledger reporting will be off. I’ll just suggest leave it as is and assume the changes in December