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Cogitate Inc Newsletters


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February 2014 Newsletter Bookmark

Post Balances Forward


Since all postings in Pro Fund Accounting are date controlled, it isn’t necessary to close your books before posting in a new fiscal year. However, at some point you will run the Post Balances Forward program. The effect of this is to close all the Revenue and Expense accounts to the Fund Balance account, with an effective date of the last day of the old fiscal year. These are posted in journal CE. The program also brings the Asset, Liabilities, and Fund Balance accounts forward, with an effective date of the first day in the new fiscal year. These are posted in journal BF. It also sets the new fiscal year start date in the GL Constant record.

So, you’ve run the Post Balance Forward program, and you have to make a posting in the prior fiscal year, due to an audit adjustment, error correction, etc. What should you do?

Follow these instructions:
1. Go to General Ledger, GL Constant Maintenance, Settings, and then change the Fiscal Year Start Date to your previous Fiscal Year Start Date.
2. Next, go to GLPOST and find the Source of Entry (SOE) BF and load your most recent journal.
3. After you verify that the effective date is the first day of your current fiscal year, click on Delete All.
4. Now in GLPOST, find the Source of Entry (SOE) CE and load the most recent journal.
5. Verify that the effective date is the last day of the previous fiscal year and click on Delete All.

After you post your corrections or audit adjustments, rerun the Post Balances Forward program, and you will be back up to speed.

If you have any questions or need additional assistance, please do not hesitate to contact us.

 

Read Full February 2014 Newsletter

Post Balances Forward


Since all postings in Pro Fund Accounting are date controlled, it isn’t necessary to close your books before posting in a new fiscal year. However, at some point you will run the Post Balances Forward program. The effect of this is to close all the Revenue and Expense accounts to the Fund Balance account, with an effective date of the last day of the old fiscal year. These are posted in journal CE. The program also brings the Asset, Liabilities, and Fund Balance accounts forward, with an effective date of the first day in the new fiscal year. These are posted in journal BF. It also sets the new fiscal year start date in the GL Constant record.

So, you’ve run the Post Balance Forward program, and you have to make a posting in the prior fiscal year, due to an audit adjustment, error correction, etc. What should you do?

Follow these instructions:
1. Go to General Ledger, GL Constant Maintenance, Settings, and then change the Fiscal Year Start Date to your previous Fiscal Year Start Date.
2. Next, go to GLPOST and find the Source of Entry (SOE) BF and load your most recent journal.
3. After you verify that the effective date is the first day of your current fiscal year, click on Delete All.
4. Now in GLPOST, find the Source of Entry (SOE) CE and load the most recent journal.
5. Verify that the effective date is the last day of the previous fiscal year and click on Delete All.

After you post your corrections or audit adjustments, rerun the Post Balances Forward program, and you will be back up to speed.

If you have any questions or need additional assistance, please do not hesitate to contact us.

 

Read Full February 2014 Newsletter



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