Adagio Support Tip Of The Month: Posting to a Prior Year
Question: We are mid way through the year and I have discovered that there is an entry that should have been done in the prior year. Can I go back and input it into the previous year, and if so, can I re-close the year with any changes updated in retained earnings?
Answer: It is possible in Adagio Ledger to post a transaction directly to the Prior Year, without the need to re-open the year. If any accounts are Income/Expense accounts, the Retained Earnings will be updated accordingly, automatically.
Softrak has a number of short videos on their website or from YouTube about running particular processes in Adagio. Here is a link to a short four minute video for closing the year in Ledger, and how to handle entries that need to be posted to the prior year.
You can also browse the complete list of videos if you are logged into the Client Portal of the Softrak website, here:
This tip was inspired by a posting on the Softrak Technical Support Forum, where registered Adagio Accounting users can post questions to get answered by Softrak, members of the Adagio Consultant community, and fellow Adagio Accounting users. Be sure to check it out!