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[FAQ] How do I process an adjustment to a previous year?

Let's say that you're in August 2022 and you need to process adjustments in the year 2021. 

  1.  In the Set Up Options: Change the Accounting Year back to 2021 and the month to December
  2. Follow the prompts to delete the opening balances
  3. Process a journal for the changes *
  4. Approve the journal **
  5. Change the Accounting year back to 2022 and the month to the current month
  6. Follow the prompts to recreate the opening balances

*Warning: 

If the journal impacts a control account, e.g. AR, AP, WIP, Deferred, Accrued Revenue, any entries to these accounts could throw out the alignment with the corresponding system report, i.e. Receivables Aging, etc. 

** If the journal includes entries to a control account, contact Accountability at support@counta.com