Use the Prior Period Update program to update GL account number ending balances according to the journal entry transaction amounts entered through the Prior Period Journal Entry program.
Run this program only after you have made prior period entries and printed the journals.
The system runs the update process only for the prior period you enter. Updating involves adjusting the affected account ending balances according to the transaction amounts in the journal file.
The periods affected are: the selected period, all closed periods between the selected and current periods, and the current period.
The journal records for this period are then removed (updated to journal history file if journal history is stored). Since the only hard copy of the journal entries involved in the update is a journal print, the update does not run until you respond affirmatively to the question: Has a journal print for this period been printed? You must print the journal entries for the prior period before updating.
Access this program by choosing General Ledger-->Journal Entry-->Prior Period Update.
1. Prior Period
Enter the prior period to be updated (PP). The entry must be a valid period within the last 10 periods, if using a 12 period year or two less than the number of periods per year, and displays the period and its ending date. Press Enter (CR) to default to the last period closed.
2. Journal Print
Indicate whether the journal print has been printed for the selected period. If you do not select the checkbox, the system displays a message requesting that a journal print for the selected prior period be printed and the program exits to the menu. Press Enter (CR) to default to unselected.
Enter YES to continue with the update.
To abort, press F4 or Cancel until the system returns you to the menu system.
How to update GL account number ending balances for prior period journal entries