Re:Adjust Beginning Balace for closed Period. - HandsonERP

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TOPIC: Re:Adjust Beginning Balace for closed Period.

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handsonerp (Admin)

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Re:Adjust Beginning Balace for closed Period. 14 Years, 1 Month ago

Public companies are not allowed to re-open prior closed periods. That is why "Permanently Close" status is there. Auditors keep tight vigilance on public companies. Sometimes private companies go back and enter transactions in past periods. However this is not a good practice. If a company is touching past years then there is something really wrong with that.

CASH ACCOUNT JAN-10 OPENING BALANCE 0 NET ACTIVITY 10
CASH ACCOUNT FEB-10 OPENING BALANCE 10 NET ACTIVITY 0
CASH ACCOUNT MAR-10 OPENING BALANCE 10 NET ACTIVITY 0

If you enter $5 activity against CASH ACCOUNT in JAN-10 then as Charlie said it would produce a dynamo affect for subsequent period's opening balances:

CASH ACCOUNT JAN-10 OPENING BALANCE 0 NET ACTIVITY 10+5
CASH ACCOUNT FEB-10 OPENING BALANCE 10+5 NET ACTIVITY 0
CASH ACCOUNT MAR-10 OPENING BALANCE 10+5 NET ACTIVITY 0

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