Balance Sheet Entries

If you close a fiscal year and later find out that you must create entries for balance sheet accounts for that year, you do not have to reopen the year (that is, change the current period back to the prior year ending period) and rerun the Annual Close program. Instead, create the entries for document type ## (prior year transactions) using the Journal Entry program (P0911). The system generates a warning message but accepts the transactions. Post the transactions as usual. The system updates the beginning balance forward amounts in the F0902 table for the balance sheet accounts affected. Because the entries are balance sheet entries, they do not impact the retained earnings account so there is no need to reopen the fiscal period and year and run the Annual Close program.