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    islandgirl52's Avatar
    islandgirl52 Posts: 1, Reputation: 1
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    #1

    Jul 3, 2012, 09:25 AM
    How to correct errors in the previous fiscal period
    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.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Jul 3, 2012, 02:50 PM
    Quote 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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