In an ideal world, you won’t need to post journal entries to previous years. But, things happen. If an invoice comes in when you’ve already run the year-end, you can post it to the current G/L period and use a journal entry to move the costs to the last month of the previous year.
Abio will ensure you mean to post to a past G/L period.
When you run the Trial Balance & Update, Abio will prompt you to run it for the earliest period with outstanding postings.
Abio will update the account balances for the selected period. If the period is a past fiscal year, the retained earnings account will be displayed. Abio will update the retained earnings balance if the journal entry affects that account. It will also adjust the opening balances for any accounts affected by the journal entry.
