The problem of changing the account category and closing the year again
is that it does not resolve the issue. Once the year is closed, the
system generates opening balances for the year for all balance sheet
accounts. This cannot be reversed. They can be updated but if an opening
balance record is created, it is never deleted. You can see this from
the out of balance condition you have in the ledger.
I like the suggestion that Epicor gave you because it reverses the
opening balance. You are right in if you look at the debits and credits
it could throw off any account analysis.
The other - more dangerous suggestion - is to use BL Tester and delete
the offending records from the GL Opening Balance file. Backup the
database first and test it thoroughly afterword. No one sided journal
entries would be required.
Charlie Smith
Smith Business Services / 2W Technologies LLC
www.vistaconsultant.com <http://www.vistaconsultant.com/> /
www.2WTech.com
From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf
Of pklein256
Sent: Friday, February 05, 2010 11:22 AM
To: vantage@yahoogroups.com
Subject: [Vantage] GL Year end closed with incorrect Acct category -need
to fix opening 2010 balanc
We closed the year in Vantage. This process should have zeroed out all
income statement accounts and added net income to retained earnings. A
handful of income statement accounts did not do this. We discovered that
these accounts were coded in Account Category as balance sheet accounts.
So in account catgory maintence we deleted the account catgory, added it
again as an income statement account, and applied the new account
category to the general ledger account. We then performed the annual
close again. This corrected retained earnings but did not zero out the
handful of income statement accounts. Therefore we now have a ledger
that is out of balance! Epicor supports solution is to post a one sided
journal entry in January to the income statement accounts. This would
correct the ending balance but the debits - credit would be out of
balance all year and we would have activity posted that is not 2010
activity. Since many of our MTD reports are generated using debits -
credits all of these would be off. Seems like there should be a better
solution.
Any help or ideas would be greatly appreciated.
Thanks,
Pam
[Non-text portions of this message have been removed]
is that it does not resolve the issue. Once the year is closed, the
system generates opening balances for the year for all balance sheet
accounts. This cannot be reversed. They can be updated but if an opening
balance record is created, it is never deleted. You can see this from
the out of balance condition you have in the ledger.
I like the suggestion that Epicor gave you because it reverses the
opening balance. You are right in if you look at the debits and credits
it could throw off any account analysis.
The other - more dangerous suggestion - is to use BL Tester and delete
the offending records from the GL Opening Balance file. Backup the
database first and test it thoroughly afterword. No one sided journal
entries would be required.
Charlie Smith
Smith Business Services / 2W Technologies LLC
www.vistaconsultant.com <http://www.vistaconsultant.com/> /
www.2WTech.com
From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf
Of pklein256
Sent: Friday, February 05, 2010 11:22 AM
To: vantage@yahoogroups.com
Subject: [Vantage] GL Year end closed with incorrect Acct category -need
to fix opening 2010 balanc
We closed the year in Vantage. This process should have zeroed out all
income statement accounts and added net income to retained earnings. A
handful of income statement accounts did not do this. We discovered that
these accounts were coded in Account Category as balance sheet accounts.
So in account catgory maintence we deleted the account catgory, added it
again as an income statement account, and applied the new account
category to the general ledger account. We then performed the annual
close again. This corrected retained earnings but did not zero out the
handful of income statement accounts. Therefore we now have a ledger
that is out of balance! Epicor supports solution is to post a one sided
journal entry in January to the income statement accounts. This would
correct the ending balance but the debits - credit would be out of
balance all year and we would have activity posted that is not 2010
activity. Since many of our MTD reports are generated using debits -
credits all of these would be off. Seems like there should be a better
solution.
Any help or ideas would be greatly appreciated.
Thanks,
Pam
[Non-text portions of this message have been removed]