Closed Year Accrual Entries

What is the best way to have Accrual Entries entered for a closed
year?
0
10/22/2008 4:05:45 PM
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Aman, is the closed year a year in the future or a year in the past?
If in the future, open the Financial Series to posting.

If it's a year in the past -

1.  Has the financial year been closed (Historical)?
2.  Is it the most recent Historical year?

If the answer is yes to both of those questions, you can still enter
transactions in the most recent closed (Historical) year.  GP will
automatically create closing entries to update retained earnings and
beginning balances for the subsequent (current) year.

If it is a year or more previous to the most recent Historical year,
you must enlist the help of MBS Professional Services to make entries
into that year.

If the financial year you are referring to is in the past and hasn't
been closed, open the Financial Series to posting.
Tools>Setup>Company>Fiscal Periods.

Frank Hamelly
MCP-GP, MCT, MVP
East Coast Dynamics
www.eastcoast-dynamics.com




0
fhamelly1 (1404)
10/22/2008 4:29:24 PM
Thanks Frank for the detailed response.

The year is 2007 and
1. it is closed (Historical)
2. is the most recent historical year

So we can simply enter 2007 transactions and GP will do the rest.
Correct?




0
10/22/2008 8:33:34 PM
That is correct Aman.  Works like a charm.

Frank Hamelly
MCP-GP, MCT, MVP
East Coast Dynamics
www.eastcoast-dynamics.com
0
fhamelly1 (1404)
10/22/2008 8:35:44 PM
Say I make an entry in August 2007: DR Utilities exp, CR Cash.
Are we saying that cash will of course get the credit but the DR to
Utilities will actually hit Utilities, but transfer that DR to the
year-end Retained Earnings?

0
10/22/2008 8:51:04 PM
Yep,

That's the way it works. Just an FYI, in your example, if you push
cash through the GL but not through the bank module you'll put your GL
& Subledger out of balance. I assume you just picked two accounts as a
example but I wanted to make sure that it was clear.

Mark


On Oct 22, 4:51=A0pm, Aman <mohammed.a...@gmail.com> wrote:
> Say I make an entry in August 2007: DR Utilities exp, CR Cash.
> Are we saying that cash will of course get the credit but the DR to
> Utilities will actually hit Utilities, but transfer that DR to the
> year-end Retained Earnings?

0
mpolino (496)
10/22/2008 10:31:39 PM
Hi Mark,

I am also trying to do the same for one of my customers. But considering the 
below example, the following entry happens.

Utilities exp (Dr)
Cash (Cr)
Retained Earnings(Dr)
Cash (Cr)

I am not sure why it is crediting Cash twice? It has to transfer the 
Utilities expense only to retained earnings. Do I miss out something? Can you 
please guide?

Regards

Perumal



 

"Mark Polino [MVP] (DynamicAccounting.net" wrote:

> Yep,
> 
> That's the way it works. Just an FYI, in your example, if you push
> cash through the GL but not through the bank module you'll put your GL
> & Subledger out of balance. I assume you just picked two accounts as a
> example but I wanted to make sure that it was clear.
> 
> Mark
> 
> 
> On Oct 22, 4:51 pm, Aman <mohammed.a...@gmail.com> wrote:
> > Say I make an entry in August 2007: DR Utilities exp, CR Cash.
> > Are we saying that cash will of course get the credit but the DR to
> > Utilities will actually hit Utilities, but transfer that DR to the
> > year-end Retained Earnings?
> 
> 
0
perumaln (17)
1/18/2009 8:20:01 AM
Perumal,

It only looks like it's crediting cash twice.  If you look at the cash 
account balance before and after your transaction, it's not actually going 
to be increased by double your transaction amount.

This is because there is no special posting journal report that deals with 
entries posted to a closed year.  What it's trying to show is that since the 
year you're posting to is already closed, the first two lines (dr to 
expense, cr to cash) are updating the closed year balances and the next two 
(dr to retained earnings, cr to cash) are updating the open year beginning 
balances.

-- 
Victoria Yudin
Dynamics GP MVP
Flexible Solutions - home of GP Reports
http://www.flex-solutions.com/gpreports.html
blog: www.victoriayudin.com


"Perumal" <perumaln@calsoftes.com> wrote in message 
news:43822029-4813-4E5F-BF8D-C72B105001CC@microsoft.com...
> Hi Mark,
>
> I am also trying to do the same for one of my customers. But considering 
> the
> below example, the following entry happens.
>
> Utilities exp (Dr)
> Cash (Cr)
> Retained Earnings(Dr)
> Cash (Cr)
>
> I am not sure why it is crediting Cash twice? It has to transfer the
> Utilities expense only to retained earnings. Do I miss out something? Can 
> you
> please guide?
>
> Regards
>
> Perumal
>
>
>
>
>
> "Mark Polino [MVP] (DynamicAccounting.net" wrote:
>
>> Yep,
>>
>> That's the way it works. Just an FYI, in your example, if you push
>> cash through the GL but not through the bank module you'll put your GL
>> & Subledger out of balance. I assume you just picked two accounts as a
>> example but I wanted to make sure that it was clear.
>>
>> Mark
>>
>>
>> On Oct 22, 4:51 pm, Aman <mohammed.a...@gmail.com> wrote:
>> > Say I make an entry in August 2007: DR Utilities exp, CR Cash.
>> > Are we saying that cash will of course get the credit but the DR to
>> > Utilities will actually hit Utilities, but transfer that DR to the
>> > year-end Retained Earnings?
>>
>> 

0
victoria (3340)
1/18/2009 1:26:00 PM
Victoria,

Thanks a lot. This is how I have already explained the customer. With your 
answer, I confirmed my explanation again.

Thanks.

Regards,
Perumal


"Victoria [MVP]" wrote:

> Perumal,
> 
> It only looks like it's crediting cash twice.  If you look at the cash 
> account balance before and after your transaction, it's not actually going 
> to be increased by double your transaction amount.
> 
> This is because there is no special posting journal report that deals with 
> entries posted to a closed year.  What it's trying to show is that since the 
> year you're posting to is already closed, the first two lines (dr to 
> expense, cr to cash) are updating the closed year balances and the next two 
> (dr to retained earnings, cr to cash) are updating the open year beginning 
> balances.
> 
> -- 
> Victoria Yudin
> Dynamics GP MVP
> Flexible Solutions - home of GP Reports
> http://www.flex-solutions.com/gpreports.html
> blog: www.victoriayudin.com
> 
> 
> "Perumal" <perumaln@calsoftes.com> wrote in message 
> news:43822029-4813-4E5F-BF8D-C72B105001CC@microsoft.com...
> > Hi Mark,
> >
> > I am also trying to do the same for one of my customers. But considering 
> > the
> > below example, the following entry happens.
> >
> > Utilities exp (Dr)
> > Cash (Cr)
> > Retained Earnings(Dr)
> > Cash (Cr)
> >
> > I am not sure why it is crediting Cash twice? It has to transfer the
> > Utilities expense only to retained earnings. Do I miss out something? Can 
> > you
> > please guide?
> >
> > Regards
> >
> > Perumal
> >
> >
> >
> >
> >
> > "Mark Polino [MVP] (DynamicAccounting.net" wrote:
> >
> >> Yep,
> >>
> >> That's the way it works. Just an FYI, in your example, if you push
> >> cash through the GL but not through the bank module you'll put your GL
> >> & Subledger out of balance. I assume you just picked two accounts as a
> >> example but I wanted to make sure that it was clear.
> >>
> >> Mark
> >>
> >>
> >> On Oct 22, 4:51 pm, Aman <mohammed.a...@gmail.com> wrote:
> >> > Say I make an entry in August 2007: DR Utilities exp, CR Cash.
> >> > Are we saying that cash will of course get the credit but the DR to
> >> > Utilities will actually hit Utilities, but transfer that DR to the
> >> > year-end Retained Earnings?
> >>
> >> 
> 
0
perumaln (17)
1/19/2009 4:12:01 AM
Reply:

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