Use the Prior Period Journal Entry program to make and correct journal entries of account transactions to prior periods (within the last 10 closed periods if using a 12 period year or two periods less than the number of periods per year).
You cannot end prior period journal entries until debits and credits balance. Therefore, out-of-balance entries are not permitted.
You should print the prior period journals you enter before updating the Prior Period Update program to provide an audit trail.
After printing, run the Prior Period Update program to update the General Ledger account ending balances. The update program updates the ending balances only for the account numbers entered through this program. The ending balances are updated forward through the current period, from the prior period where the entry was made. Any entries affecting an expense or revenue type GL account also cause the retained earnings ending balance to be modified.
Access this program by choosing General Ledger-->Journal Entry-->Prior Period Journal Entry.
1. Prior Period
Enter the prior period for the entry (PP). The entry must be a closed period within the last ten periods if using a 12 period year or two periods less than the number of periods per year. Press Enter to default to the last period closed.
2. Journal Number
Enter a journal number. The entry must be a valid journal and displays the number and journal description. Press Enter (CR) to default to the journal number used in the previous prior period journal entry.
3. Entry Number
Enter a journal entry number. The entry must be a valid entry number for this journal and period. Entering a valid entry number displays the journal entry on the screen. Press Enter (CR) to default to NEXT. NEXT is displayed as the entry number until the header portion of the journal entry is complete and then the system displays the actual entry number (from the Journal F/M).
4. Entry Date
If the entry number from field #3 is a valid entry, then fields #4-5 are skipped. Enter the date within the prior fiscal period entered. Subsequent journal entries (before exiting the program) assume the last date entered. Press Enter to initially default to the ending date of the period entered.
5. Header Memo
Enter an optional descriptive memo (up to 40 characters).
This concludes the header portion of the program. At this point, the system assigns the entry number automatically. After the header record is created, only the header field #5 is accessible through the change header routine. Fields #1-4 can only be changed by deleting and re-entering the journal entry.
Line numbers
The line-item portion of the program allows entry of up to 999 line items.
6. Account Number
Enter a GL account number. The entry must be a valid GL account number and displays both the number and account description.
Press F3 to end the entry process.
7. Detail Memo
Enter an optional descriptive memo of this account’s involvement in the transaction (up to 30 characters).
Note that when you enter a line detail memo for the first line, the memo then automatically defaults to each additional line you enter. If you do not want the same memo for each line, you can enter a different memo or press the space bar to clear the memo.
8. Debit
Enter a positive amount (automatically debit) or negative amount (automatically credit) or press Enter (CR) to proceed to the Credit field. Press F2 to automatically balance the entry.
9. Credit
Enter an amount and it is automatically a credit amount.
Each time you complete (add or change) a line, the system updates and displays running totals for both debit and credit amounts. In the header portion of the screen, the system also displays the undistributed amount (the difference between the debit and credit running totals). Before you can end the entry, the entry must be balanced, i.e., the undistributed amount must equal zero.
10. Save the new information.
Once new information has been added, that journal line displays in the lower half of the screen.
To modify header information, press the Header button. The system displays Header Detail dialog box where you can modify the entry date or header memo for the journal.
11. Select the Done button when you are ready to exit the program.