GL Year end closed with incorrect Acct category -need to fix ope

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





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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
Well, here are some random brainstorms I thought of. Keep in mind, that I have never faced this problem, I have no academic knowledge of how to solve this problem, and using any of my ideas is entirely at your own risk. Perhaps none of these ideas will work for you, but they may stimulate your own ideas for a solution. Best of luck.

Could you set up a 13th period for 2009 using the date 1/1/2010? I'm not sure that is possible, but if it is, you could put the one sided entry in that 13th period. I have no idea if that would work or not, so you may want to review with Epicor support before you actually do it.

One other possibility - and this one is dangerous, so only do it if Epicor buys off on it - establish an ODBC connection to your GLOpnBal table, and manually change the opening balance numbers to 0 for the accounts in question. This might also be accomplished with some 4GL code if you are comfortable with that, albeit with the same danger factor.

Yet another possibility - Change the categories back to balance sheet accounts. Make one sided entries to clear the opening balances in the accounts. Close 2009 again. Now, change the categories back to income statement categories. Reopen 2009 and make one-sided entries to negate the effect of the one-sided entries you just made. Close 2009 again. Something tells me this should work, but I haven't got my brain around exactly why it would work.

As you can tell, I DON'T KNOW the answer to your dilemna. So, you should get Epicor to approve these ideas. Also, try these out in your test environment before you try them on your live data. Just so we are clear, I DON'T KNOW the answer to this problem. Accordingly, taking any of the actions I suggested is entirely at your own risk, and my company and I take NO RESPONSIBILITY for what may happen as a result of these actions.

Thom Rose

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of pklein256
Sent: Friday, February 05, 2010 8:22 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 usin g 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



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Why don't you post the one sided je in December. See what changes this makes to RE and correct that, if necessary through a second one sided je to RE, again in December.

Christy J. Morris
Controller
Cold Jet, LLC
455 Wards Corner Road
Loveland, Ohio 45140
USA

+1 513-716-6370
+1 513-576-8986 (fax)
www.coldjet.com<http://www.coldjet.com>

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Setting industry standards in dry ice technology and solutions for over 20 years.

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 balance



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



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