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Cost/Revenue GL in Opening balances in 0 peirod

  • January 28, 2025
  • 1 reply
  • 21 views

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Hi Community,

 

One of our clients encountered an issue with their opening balances. They mistakenly uploaded the opening balances for the year 2020 in the "0" period, despite not having a 2019 year in the system. Later, they reversed the balances in Period 1 and re-uploaded the opening balances for Period 1.

Currently, the balances are correct in the 2020-12 period. We are now performing the year-end process for 2020 to transfer balances to the 2021-0 period. However, I noticed that the Cost/Revenue GL balances have incorrectly carried over into the 2021 opening balances.

Is there a way to correct this? Would it be possible to proceed with backend data corrections to remove the Cost/Revenue balances from the 2021-0 period?

We are using Apps7.

Thank you in advance for any suggestions or guidance.

Best answer by Thomas Peterson

Hi, 

Traditionally, we use external voucher process to load history into an accounting period such as period 12 2019, where we then we do year end to build the period 0. 

Does not appear that process was followed. 

Given what was done, - hate to say this, but my suggestion undo all that was done in the same way as it was done. Don’t clear the values in period 0, IFS should create and manage the GL including period 0. 

Given the fact we have no details as to what was done, how it was done, my suggestion is just an opinion. 

I can’t even tell you know many times a total mess was created when writing to tables directly. Horror stories are common. So… I’m very risk adverse for data repair especially for Finance and GL.  

Regards, 

Thomas

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  • Superhero (Employee)
  • 1016 replies
  • Answer
  • January 28, 2025

Hi, 

Traditionally, we use external voucher process to load history into an accounting period such as period 12 2019, where we then we do year end to build the period 0. 

Does not appear that process was followed. 

Given what was done, - hate to say this, but my suggestion undo all that was done in the same way as it was done. Don’t clear the values in period 0, IFS should create and manage the GL including period 0. 

Given the fact we have no details as to what was done, how it was done, my suggestion is just an opinion. 

I can’t even tell you know many times a total mess was created when writing to tables directly. Horror stories are common. So… I’m very risk adverse for data repair especially for Finance and GL.  

Regards, 

Thomas


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