No matter how careful you are, there is so much going on at year end that sometimes you do find yourself posting or calculating in the wrong year in OSAS. Here are some ways to correct postings that have gone to a wrong year:
• Accounts Payable Checks:
Use the Void Checks Function found in Pay Invoices to void these checks back to the wrong year that you posted them to. Then go into Hold/Release and Pre-Pay these invoices with the check numbers that you originally paid them with and assign the correct day, month and year to them. Process now to the correct year.
• Accounts Payable Transaction:
To completely reverse invoices posted to the wrong year you should issue Miscellaneous Debits to each one in the incorrect year. Post these. Now enter the proper year and process these as invoices again. You can take the short cut of just adjusting your general ledger but this does NOT make any adjustments to your Transaction History in Accounts Payable, now will it correct any inventory that may have been purchased.
• General Ledger Transactions:
If you have already written these transactions but not posted to the master you can enter edit transactions in the wrong year and zero out the amounts or you can just make reversing entries in the wrong year. Then switch years and re-enter into the correct year.
• Inventory:
Because of valuation reports and physical inventories any wrong year entries you make should be reversed out of the wrong year and entered into the correct year.
• Bank Reconciliation:
Reverse as a negative in wrong year, then re-enter into the correct year