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.
When journal lines are created or modified, the user code and date modified are automatically captured in Journal Entry and Recurring/Reversing/Allocating entry programs. In Journal Print (GLR720) and Recurring/Reversing/Allocating Print (GLR210), and Yearly Journal Print (GLR780), the user code and date modified can also be printed with the journal entries.
The user code and date are displayed on these programs:
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.
To access this program, click General Ledger> Journal Entry> Prior Period Journal Entry.
Click field descriptions for information on each field.
See also