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How to correct errors in the previous fiscal period

Asked Jul 3, 2012, 09:25 AM — 1 Answer
I posted a paycheque twice in the previous fiscal year, which has since been closed, and the cheque is still sitting in the Chequing Acct, unreconciled, along with a couple other prior year cheques. Because the books have been closed, I don't know how I should proceed to correct the errors because the Accounting Program won't let me go back to reverse the paycheque, and also because I don't know if it's okay to change account balances once the accountant has finalized Year End procedures.

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paraclete Posts: 1,879, Reputation: 585
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Jul 3, 2012, 02:50 PM
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Originally Posted by islandgirl52 View Post
I posted a paycheque twice in the previous fiscal year, which has since been closed, and the cheque is still sitting in the Chequing Acct, unreconciled, along with a couple other prior year cheques. Because the books have been closed, I don't know how I should proceed to correct the errors because the Accounting Program won't let me go back to reverse the paycheque, and also because I don't know if it's okay to change account balances once the accountant has finalized Year End procedures.
simple enough you use a journal to clear these transactions out and you post them to a prior period adjustment account
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