Is there a way to open closed periods no longer available?

Question

I have just been hired to 'catch the employer up on past reconciliations' . The employer is a non-profit so issues with timely tax returns is not as much of an issue as it would be with for profit companies. 
 The employer hired me to reconcile account for tax return reporting for fiscal year 2014 - this involves months July, 2013 thru June 2014. The accounting period was closed and not available to reopen from viewing the tasks system change account period. The only options available are July 2014 forward. 
 Is there a way to open this closed period and record some journal entries? 
 Thanks so much for you assistance! 
 Linda

KimClement · Accepted Answer

Oh, I do feel your pain! Adding to these suggestions, I would restore the backup that was made at the close of the year (where the periods you want are in the 24 open periods) into a NEW Company. Run a Trial Balance for the year end from the New Company and compare with the beginning balances of your current company as they must match. Then you could do all the bank reconciliations in the New company. At the end of the New Company year, the Balance Sheet will most likely be different so you will need to make a decision on how you want to bring the current company balances in line with the NEW company balance. I would run a Trial Balance for both companies at the year end, then Import a GL JE for the differences into the Current Company. In the current company I would go to the 1st period, open the Bank Recon and clear all transactions that have been cleared.including the GL JE you made to correct the cash differences. If you are missing a check from a prior period just enter it as a Beginning Balance inside of the Bank Recon so it doesn't create a transaction in the GL. 
Option 2. If you do not want to do one GL JE for the differences, then for all missing transactions you enter into the NEW Company you will need to export each one and import them into the Current Company so your ending balances will match. Then do the Bank Recon as suggested. 
For the Import process you could put an identifier in the reference of the Gl JE that is unique so you can extract just the adjustments you made by that same reference #'s for example PYA 1, PYA 2. (Prior year adjustment 1) This will also be very helpful if you decide to do option 2 because you will be able to find any missing transactions in the current company by that unique identifier. 
Hope this post has been helpful.

KimClement · Answer

The prior years GJ JE that you import into the current company will be reflected in the next years balances so you do not have to do another Gl JE. For all checks and deposits that cleared in the prior year you can lump sum GL JE ( I would lump sum each year). For checks and deposits that did not clear I would import them separately so you balance the Bank Rec.

KimClement · Answer

I am not familiar with the procedure to clear the individual checks or even if i need to do so? If you are going to do bank recons in Sage, then you will go to Tasks, Bank Reconciliation, enter your cash account. Enter your bank statement ending balance and clear all checks and deposits that have cleared in prior years and well as in this 1st period. Once your done the unreconciled difference should be zero. Now you can continue to do the bank recon in Sage.

JSelemani · Answer

Hi 
 
I’ve found an article that can assist you with your question “Can I create a general journal entry in a closed year?” http://bit.ly/1Q0FgE2 
 
Thanks 
JSelemani

Linda.cooper · Answer

Thank you for expanding on my questions! Have a great week-end

Suzy Payne Rabb · Answer

You should be able to import a general journal entry into a closed period. If done correctly, it would appear on journals, general ledgers and impact financial statements just as if you entered it when the period was open. Just be careful and backup before the import and verify after. If you see anything wrong you should immediately restore. If you get the entry imported correctly in the closed period, then that is all there is. No need to enter it again in the open year. (see my prior post on importing option).

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Is there a way to open closed periods no longer available?

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