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Posting to previous year(s)

Posted by canadadude 
Posting to previous year(s)
November 02, 2012 10:54PM
Hi

I have a client who closed their sole proprietorship in mid 2011 and then was supposed to be entering into a new incorporated company. The problem is they continued entering in the sole proprietorship books to a few months ago. The issue of course now is being able to correct this without having to re-enter the previous Corporation fiscal year entries and this fiscal year which is not so much of a problem as it is only a few months into the year.

My question. Can I go back more than the previous fiscal year to make adjustments. I thought I might be able to save the file under the corporate name and then remove entries as required while leaving the other entries intact. Does anyone know of a solution to this. I thought I heard that Quickbooks had a way of unlocking the program so that you could go back further to make adjustments. I am a qualified bookkeeper and not the owner. This would likely save the owner a lot of money in bookkeeping fees. Any suggestions would be most appreciated.

I may have posted to the wrong forum but this is my first post so please forgive me.

LJ
Re: Posting to previous year(s)
November 12, 2012 05:53AM
Hello LJ,

Sorry for a late response. We have been busy with restructuring the website.
I will look into your question and try to see if I can come up with an answer in the next couple of days.

Best Regards
Michael
Re: Posting to previous year(s)
November 13, 2012 03:29AM
Hello LJ,


Can I go back more than the previous fiscal year to make adjustments?
Answer: YES


Does anyone know of a solution to this. I thought I heard that Quickbooks had a way of unlocking the program so that you could go back further to make adjustments?

Answer: Save a Copy and rename the file with the new LLC name. Then go to EDIT / PREFERENCES / ACCOUNTING / COMPANY PREFERENCES. You will see Closing Date at the bottom. Remove the closing date and enter your password and it will "unlock" the books so you can make adjustments, etc in a prior fiscal period. If nothing is entered, then nothing is "locked"
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