How does posting to a prior period affect the company

Posting to a prior period affects in Sage 50 Accounting affects prior-year reports and current year's starting balances.

Transactions in the previous year

Sage 50 only allows entries into the current and previous fiscal year.

Ensure that your settings aren’t preventing you from posting before a date.

1. Go to Setup, Settings, Company, then System.
2. If there’s a check mark on Don’t allow transactions dated before, make sure the date is the last year start date.
3. Press OK.
4. Any years prior are no longer available for posting.
5. When posting into the previous fiscal year, you can't select the dates from the Change Session Date window. Change the date manually within each journal window.

Impact of last year transaction on the books

Posting into a prior period correctly affect the following:

1. Prior-year reports.
2. Current year's starting balances of assets, liabilities, and equities.
3. Any transactions posted to the revenues and expenses will affect the opening balance of your current year's retained earnings.
4. Consult with your accountant if you need confirmation as to what accounts will be affected by posting to the previous fiscal year.

Can I post to a previous year after I roll to the new fiscal year?