Is there a way to make an adjusting entry for the previous year after a new year has been started?
I need to enter an accounts payable to 2019 that was not discovered until after I had rolled over into 2020. What is the best way to do this?
Is there a way to make an adjusting entry for the previous year after a new year has been started?
I need to enter an accounts payable to 2019 that was not discovered until after I had rolled over into 2020. What is the best way to do this?
Hi NSRMHH:
If you haven't sent your data to your accountant then all you do is enter the payable as you would normally with the proper date in 2019. You have your current fiscal year and your previous fiscal year to work in if you wish. Just date the entries in the proper year.
Hope this helps!
*Community Hub is the new name for Sage City