I saw a similar issue in post "Re: Vantage 8.03 Year End Process - need to post adjustments...." but I am using an earlier version.
December 2012 and Calendar 2012 were closed. January 2013 is still open. Today an internal audit recognized an error in December. I opened 12/2012, made the correction, and closed the year. Now my January prior year retained earnings are off by exactly the amount of the change. On my balance sheet Assets <> Liabilities + OE.
Why did this happen? What will happend if the outside auditors make other adjustments? How should I have done this to avoid errors? Most importantly, how do I fix it?
December 2012 and Calendar 2012 were closed. January 2013 is still open. Today an internal audit recognized an error in December. I opened 12/2012, made the correction, and closed the year. Now my January prior year retained earnings are off by exactly the amount of the change. On my balance sheet Assets <> Liabilities + OE.
Why did this happen? What will happend if the outside auditors make other adjustments? How should I have done this to avoid errors? Most importantly, how do I fix it?