New financial year
  • Magda
    New financial year

    by Magda » Tue May 10, 2016 9:18 am

    I have created a new financial year 2013-2014 and after creating it I have reversed some batches that were wrongly entered into 2012 FY. How can I update current FY so they reflect the reversed batches and correct opening balances of 2014?
    How do we ‘roll back’ into previous year? Would ‘roll back’ and ‘roll forward’ again help update transactions and opening balances in the current year?
    Also we haven’t done the updates you sent in April this year. If we want to update now how do we do that?
  • COBS Tech Support
    Joined:Fri Sep 09, 2005 8:23 am

    by COBS Tech Support » Tue May 10, 2016 9:20 am

    Not sure exactly what you're asking about those reversed batches, but if you have reversed them in 2012 and you want to post them (instead) into 2013, then you need to first copy the batch to standing journals. Then copy from standing journals back to general journals. Make sure you are in the correct year before you copy it back. When you copy it back you'll be asked to specify the period, which in your case would be period 1, by the sound of things.

    You can roll back as follows -

    1. Open General Ledger
    2. From the menu select Toolbox|Maintenance|Roll Back Financial Year

    Then follow the prompts:

    NOTE: If you roll back a year you will loose all postings in the current (last) year you have open. When you roll forward again, you will end up with a new empty year, only with opening balances in it.

    The advantage of rolling back is that if you have a lot of things that have changed in the previous year, you can go back, re-run the End Period Wizard as applicable, and refresh everything with the latest data.

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