We are using ledger settlements regularly and, sometimes, transactions created throughout the year are settled with opening balances (i.e. some transaction from previous year). This is possible using the standard functionality.
However, we often have audits for the previous year around the middle of the subsequent year, and the audits require us to post some adjustments in the previous fiscal year. When this is done, year end close needs to be run again. Running the year end close deletes all the ledger settlements that have previously been made with opening balances, resulting in losing months of work for multiple legal entities (we have over 100 of them).
Please consider a fix for this scenario, either through making the year end close post only the deltas between the old and the new opening balances, or through some other means.
Comments
Most of customers will officially closed accounting in June after final auditors approved the account.
Waiting this date, no settlement can be done between opening balance and 2023 transactions. correction may be requested for 2022. It is mostly adjustment, but all closing need to be redone.
on previous version, there was a way to add only modification to the opening balance.
1- transactions were marked as closed
2- new transactions were then unmarked
3- new year end closing took only the unmarked transactions
in this case, closing and settlement can be done whenever customer needs. Only correction will be considered in the new closing (with an option consider only unmarked transaction)
This should be an option to avoid pain on daily work.
Companies must provide monthly reporting and settlement can be critical to justify account whenever requested.
Category: General Ledger