[6.1] Prior Year Adjustments to G/L - Several years worth

Yahoo Archive
1
Thanks (and Karen too).

I'm not exactly sure what is being done but I know he does plan to go back to 2001 when we started Vantage financials and make adjustments to every year from there forward. So I think his plan will take care of each following year. He made the adjustments from 2004 now in 2005 since it was still open but the older years are messed up from never having been done at all.

-Todd C.

-----Original Message-----
From: j_milbrath [mailto:jeffrey.milbrath@...]
Sent: Thursday, August 25, 2005 4:46 PM
To: vantage@yahoogroups.com
Subject: [Vantage] Re: [6.1] Prior Year Adjustments to G/L - Several years worth


It would be important to remember that if you re-open and then go
back and post these entries into the proper period/year, the entry
posted to retained earnings in the following year would need to be
reversed also. My guess is your new guy should be well aware of
this. Kudos to him for realizing Vantage is the proper tool for
financial reporting.

Jeff Milbrath, CPA
Controller
Hartford Finishing, Inc.


--- In vantage@yahoogroups.com, "Karen Brodniak"
<karen.brodniak@w...> wrote:
> You can post adjustments to previous years by re-opening the
period. Often,
> the CPA makes some adjustments and I post to the previous year so
that it
> matches the tax return. On a corporation tax return, Schedule L
should agree
> with the balance sheet at your fiscal year end.
>
> If the tax return has been filed and the balance sheet agrees with
Schedule
> L, no adjustments to previous year should be made. In this
circumstance, any
> corrections that need to be made to the previous year should be
made in the
> current year.
>
> Karen Brodniak
> Accounting Manager
> 425-742-7011 X44
> Fax 425-353-8945
> karen.brodniak@w...
>
> -----Original Message-----
> From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com]On
Behalf Of
> Todd Caughey
> Sent: Thursday, August 25, 2005 1:04 PM
> To: vantage@yahoogroups.com
> Subject: RE: [Vantage] [6.1] Prior Year Adjustments to G/L -
Several years
> worth
>
>
> Bumping the message below. Has no one ever made adjustments, like
asked for
> below, to prior years?
> Thanks,
> -Todd C.
>
> -----Original Message-----
> From: Todd Caughey
> Sent: Tuesday, August 23, 2005 11:30 AM
> To: vantage@yahoogroups.com
> Subject: [Vantage] [6.1] Prior Year Adjustments to G/L - Several
years worth
>
>
> Our new Finance Director has asked me to relay the following
question which
> is way over my head. Something the auditors turned up and would
like fixed.
> -------------------------------
> "Year-end adjustments for 2004 were recorded against Retained
Earnings in
> 2005. Adjustments need to be recorded in 2004 which has been
closed. What
> is the procedure for recording year-end adjustments in previously
closed
> years?"
> -------------------------------
>
> It appears to me that the same situation applies for the past four
years.
> He wants the adjustments to show up on revised trial balance
reports for
> each year. Apparently his predecessor was not getting the
adjustments into
> Vantage but rather reporting from external spreadsheets. The new
guy wants
> them all in Vantage. He wants EVERYTHING in Vantage
(Hallelujah!!!! no more
> multiple independent piles of data! ).
>
> Thanks,
> Todd Caughey
> Harvey Vogel Mfg. Co.
>
>
>
> [Non-text portions of this message have been removed]
>
>
>
> Useful links for the Yahoo!Groups Vantage Board are: ( Note: You
must have
> already linked your email address to a yahoo id to enable access. )
> (1) To access the Files Section of our Yahoo!Group for Report
Builder and
> Crystal Reports and other 'goodies', please goto:
> http://groups.yahoo.com/group/vantage/files/.
> < http://groups.yahoo.com/group/vantage/files/.>
> (2) To search through old msg's goto:
> http://groups.yahoo.com/group/vantage/messages
> < http://groups.yahoo.com/group/vantage/messages>
> (3) To view links to Vendors that provide Vantage services goto:
> http://groups.yahoo.com/group/vantage/links
> < http://groups.yahoo.com/group/vantage/links>
>
>
>
> _____
>
> YAHOO! GROUPS LINKS
>
>
>
> * Visit your group " vantage <
http://groups.yahoo.com/group/vantage
> < http://groups.yahoo.com/group/vantage> > " on the web.
>
>
> * To unsubscribe from this group, send an email to:
> vantage-unsubscribe@yahoogroups.com
> <mailto:vantage-unsubscribe@yahoogroups.com?subject=Unsubscribe>
>
>
> * Your use of Yahoo! Groups is subject to the Yahoo! Terms of
Service <
> http://docs.yahoo.com/info/terms/
< http://docs.yahoo.com/info/terms/> > .
>
>
> _____
>
>
>
>
> [Non-text portions of this message have been removed]
>
>
>
> Useful links for the Yahoo!Groups Vantage Board are: ( Note: You
must have
> already linked your email address to a yahoo id to enable access. )
> (1) To access the Files Section of our Yahoo!Group for Report
Builder and
> Crystal Reports and other 'goodies', please goto:
> http://groups.yahoo.com/group/vantage/files/.
> < http://groups.yahoo.com/group/vantage/files/.>
> (2) To search through old msg's goto:
> http://groups.yahoo.com/group/vantage/messages
> < http://groups.yahoo.com/group/vantage/messages>
> (3) To view links to Vendors that provide Vantage services goto:
> http://groups.yahoo.com/group/vantage/links
> < http://groups.yahoo.com/group/vantage/links>
>
>
>
> _____
>
> YAHOO! GROUPS LINKS
>
>
>
> * Visit your group " vantage
< http://groups.yahoo.com/group/vantage>
> " on the web.
>
>
> * To unsubscribe from this group, send an email to:
> vantage-unsubscribe@yahoogroups.com
> <mailto:vantage-unsubscribe@yahoogroups.com?subject=Unsubscribe>
>
>
> * Your use of Yahoo! Groups is subject to the Yahoo! Terms of
Service
> < http://docs.yahoo.com/info/terms/> .
>
>
> _____
>
>
>
>
> [Non-text portions of this message have been removed]




Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and Crystal Reports and other 'goodies', please goto: http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto: http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto: http://groups.yahoo.com/group/vantage/links



_____

YAHOO! GROUPS LINKS



* Visit your group " vantage <http://groups.yahoo.com/group/vantage> " on the web.


* To unsubscribe from this group, send an email to:
vantage-unsubscribe@yahoogroups.com <mailto:vantage-unsubscribe@yahoogroups.com?subject=Unsubscribe>


* Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service <http://docs.yahoo.com/info/terms/> .


_____




[Non-text portions of this message have been removed]
2
Our new Finance Director has asked me to relay the following question which is way over my head. Something the auditors turned up and would like fixed.
-------------------------------
"Year-end adjustments for 2004 were recorded against Retained Earnings in 2005. Adjustments need to be recorded in 2004 which has been closed. What is the procedure for recording year-end adjustments in previously closed years?"
-------------------------------

It appears to me that the same situation applies for the past four years. He wants the adjustments to show up on revised trial balance reports for each year. Apparently his predecessor was not getting the adjustments into Vantage but rather reporting from external spreadsheets. The new guy wants them all in Vantage. He wants EVERYTHING in Vantage (Hallelujah!!!! no more multiple independent piles of data! ).

Thanks,
Todd Caughey
Harvey Vogel Mfg. Co.



[Non-text portions of this message have been removed]
3
Bumping the message below. Has no one ever made adjustments, like asked for below, to prior years?
Thanks,
-Todd C.

-----Original Message-----
From: Todd Caughey
Sent: Tuesday, August 23, 2005 11:30 AM
To: vantage@yahoogroups.com
Subject: [Vantage] [6.1] Prior Year Adjustments to G/L - Several years worth


Our new Finance Director has asked me to relay the following question which is way over my head. Something the auditors turned up and would like fixed.
-------------------------------
"Year-end adjustments for 2004 were recorded against Retained Earnings in 2005. Adjustments need to be recorded in 2004 which has been closed. What is the procedure for recording year-end adjustments in previously closed years?"
-------------------------------

It appears to me that the same situation applies for the past four years. He wants the adjustments to show up on revised trial balance reports for each year. Apparently his predecessor was not getting the adjustments into Vantage but rather reporting from external spreadsheets. The new guy wants them all in Vantage. He wants EVERYTHING in Vantage (Hallelujah!!!! no more multiple independent piles of data! ).

Thanks,
Todd Caughey
Harvey Vogel Mfg. Co.



[Non-text portions of this message have been removed]



Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and Crystal Reports and other 'goodies', please goto: http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto: http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto: http://groups.yahoo.com/group/vantage/links



_____

YAHOO! GROUPS LINKS



* Visit your group " vantage <http://groups.yahoo.com/group/vantage> " on the web.


* To unsubscribe from this group, send an email to:
vantage-unsubscribe@yahoogroups.com <mailto:vantage-unsubscribe@yahoogroups.com?subject=Unsubscribe>


* Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service <http://docs.yahoo.com/info/terms/> .


_____




[Non-text portions of this message have been removed]
4
You can post adjustments to previous years by re-opening the period. Often,
the CPA makes some adjustments and I post to the previous year so that it
matches the tax return. On a corporation tax return, Schedule L should agree
with the balance sheet at your fiscal year end.

If the tax return has been filed and the balance sheet agrees with Schedule
L, no adjustments to previous year should be made. In this circumstance, any
corrections that need to be made to the previous year should be made in the
current year.

Karen Brodniak
Accounting Manager
425-742-7011 X44
Fax 425-353-8945
karen.brodniak@...

-----Original Message-----
From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com]On Behalf Of
Todd Caughey
Sent: Thursday, August 25, 2005 1:04 PM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] [6.1] Prior Year Adjustments to G/L - Several years
worth


Bumping the message below. Has no one ever made adjustments, like asked for
below, to prior years?
Thanks,
-Todd C.

-----Original Message-----
From: Todd Caughey
Sent: Tuesday, August 23, 2005 11:30 AM
To: vantage@yahoogroups.com
Subject: [Vantage] [6.1] Prior Year Adjustments to G/L - Several years worth


Our new Finance Director has asked me to relay the following question which
is way over my head. Something the auditors turned up and would like fixed.
-------------------------------
"Year-end adjustments for 2004 were recorded against Retained Earnings in
2005. Adjustments need to be recorded in 2004 which has been closed. What
is the procedure for recording year-end adjustments in previously closed
years?"
-------------------------------

It appears to me that the same situation applies for the past four years.
He wants the adjustments to show up on revised trial balance reports for
each year. Apparently his predecessor was not getting the adjustments into
Vantage but rather reporting from external spreadsheets. The new guy wants
them all in Vantage. He wants EVERYTHING in Vantage (Hallelujah!!!! no more
multiple independent piles of data! ).

Thanks,
Todd Caughey
Harvey Vogel Mfg. Co.



[Non-text portions of this message have been removed]



Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
<http://groups.yahoo.com/group/vantage/files/.>
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
<http://groups.yahoo.com/group/vantage/messages>
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links
<http://groups.yahoo.com/group/vantage/links>



_____

YAHOO! GROUPS LINKS



* Visit your group " vantage < http://groups.yahoo.com/group/vantage
<http://groups.yahoo.com/group/vantage> > " on the web.


* To unsubscribe from this group, send an email to:
vantage-unsubscribe@yahoogroups.com
<mailto:vantage-unsubscribe@yahoogroups.com?subject=Unsubscribe>


* Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service <
http://docs.yahoo.com/info/terms/ <http://docs.yahoo.com/info/terms/> > .


_____




[Non-text portions of this message have been removed]



Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
<http://groups.yahoo.com/group/vantage/files/.>
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
<http://groups.yahoo.com/group/vantage/messages>
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links
<http://groups.yahoo.com/group/vantage/links>



_____

YAHOO! GROUPS LINKS



* Visit your group " vantage <http://groups.yahoo.com/group/vantage>
" on the web.


* To unsubscribe from this group, send an email to:
vantage-unsubscribe@yahoogroups.com
<mailto:vantage-unsubscribe@yahoogroups.com?subject=Unsubscribe>


* Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service
<http://docs.yahoo.com/info/terms/> .


_____




[Non-text portions of this message have been removed]
5
It would be important to remember that if you re-open and then go
back and post these entries into the proper period/year, the entry
posted to retained earnings in the following year would need to be
reversed also. My guess is your new guy should be well aware of
this. Kudos to him for realizing Vantage is the proper tool for
financial reporting.

Jeff Milbrath, CPA
Controller
Hartford Finishing, Inc.


--- In vantage@yahoogroups.com, "Karen Brodniak"
<karen.brodniak@w...> wrote:
> You can post adjustments to previous years by re-opening the
period. Often,
> the CPA makes some adjustments and I post to the previous year so
that it
> matches the tax return. On a corporation tax return, Schedule L
should agree
> with the balance sheet at your fiscal year end.
>
> If the tax return has been filed and the balance sheet agrees with
Schedule
> L, no adjustments to previous year should be made. In this
circumstance, any
> corrections that need to be made to the previous year should be
made in the
> current year.
>
> Karen Brodniak
> Accounting Manager
> 425-742-7011 X44
> Fax 425-353-8945
> karen.brodniak@w...
>
> -----Original Message-----
> From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com]On
Behalf Of
> Todd Caughey
> Sent: Thursday, August 25, 2005 1:04 PM
> To: vantage@yahoogroups.com
> Subject: RE: [Vantage] [6.1] Prior Year Adjustments to G/L -
Several years
> worth
>
>
> Bumping the message below. Has no one ever made adjustments, like
asked for
> below, to prior years?
> Thanks,
> -Todd C.
>
> -----Original Message-----
> From: Todd Caughey
> Sent: Tuesday, August 23, 2005 11:30 AM
> To: vantage@yahoogroups.com
> Subject: [Vantage] [6.1] Prior Year Adjustments to G/L - Several
years worth
>
>
> Our new Finance Director has asked me to relay the following
question which
> is way over my head. Something the auditors turned up and would
like fixed.
> -------------------------------
> "Year-end adjustments for 2004 were recorded against Retained
Earnings in
> 2005. Adjustments need to be recorded in 2004 which has been
closed. What
> is the procedure for recording year-end adjustments in previously
closed
> years?"
> -------------------------------
>
> It appears to me that the same situation applies for the past four
years.
> He wants the adjustments to show up on revised trial balance
reports for
> each year. Apparently his predecessor was not getting the
adjustments into
> Vantage but rather reporting from external spreadsheets. The new
guy wants
> them all in Vantage. He wants EVERYTHING in Vantage
(Hallelujah!!!! no more
> multiple independent piles of data! ).
>
> Thanks,
> Todd Caughey
> Harvey Vogel Mfg. Co.
>
>
>
> [Non-text portions of this message have been removed]
>
>
>
> Useful links for the Yahoo!Groups Vantage Board are: ( Note: You
must have
> already linked your email address to a yahoo id to enable access. )
> (1) To access the Files Section of our Yahoo!Group for Report
Builder and
> Crystal Reports and other 'goodies', please goto:
> http://groups.yahoo.com/group/vantage/files/.
> <http://groups.yahoo.com/group/vantage/files/.>
> (2) To search through old msg's goto:
> http://groups.yahoo.com/group/vantage/messages
> <http://groups.yahoo.com/group/vantage/messages>
> (3) To view links to Vendors that provide Vantage services goto:
> http://groups.yahoo.com/group/vantage/links
> <http://groups.yahoo.com/group/vantage/links>
>
>
>
> _____
>
> YAHOO! GROUPS LINKS
>
>
>
> * Visit your group " vantage <
http://groups.yahoo.com/group/vantage
> <http://groups.yahoo.com/group/vantage> > " on the web.
>
>
> * To unsubscribe from this group, send an email to:
> vantage-unsubscribe@yahoogroups.com
> <mailto:vantage-unsubscribe@yahoogroups.com?subject=Unsubscribe>
>
>
> * Your use of Yahoo! Groups is subject to the Yahoo! Terms of
Service <
> http://docs.yahoo.com/info/terms/
<http://docs.yahoo.com/info/terms/> > .
>
>
> _____
>
>
>
>
> [Non-text portions of this message have been removed]
>
>
>
> Useful links for the Yahoo!Groups Vantage Board are: ( Note: You
must have
> already linked your email address to a yahoo id to enable access. )
> (1) To access the Files Section of our Yahoo!Group for Report
Builder and
> Crystal Reports and other 'goodies', please goto:
> http://groups.yahoo.com/group/vantage/files/.
> <http://groups.yahoo.com/group/vantage/files/.>
> (2) To search through old msg's goto:
> http://groups.yahoo.com/group/vantage/messages
> <http://groups.yahoo.com/group/vantage/messages>
> (3) To view links to Vendors that provide Vantage services goto:
> http://groups.yahoo.com/group/vantage/links
> <http://groups.yahoo.com/group/vantage/links>
>
>
>
> _____
>
> YAHOO! GROUPS LINKS
>
>
>
> * Visit your group " vantage
<http://groups.yahoo.com/group/vantage>
> " on the web.
>
>
> * To unsubscribe from this group, send an email to:
> vantage-unsubscribe@yahoogroups.com
> <mailto:vantage-unsubscribe@yahoogroups.com?subject=Unsubscribe>
>
>
> * Your use of Yahoo! Groups is subject to the Yahoo! Terms of
Service
> <http://docs.yahoo.com/info/terms/> .
>
>
> _____
>
>
>
>
> [Non-text portions of this message have been removed]