Occasionally, you may discover a mistake in a month that has already been reconciled and closed. To correct the mistake, you need to make the month active and un-reconcile any transactions that need to be edited.
Months must be closed sequentially and opened in the reverse order. For example, July must be closed before August, which must be closed before September. If you then want to edit a transaction in July, you should open September, then August, then July.
To make a month active:
- Go to Financials Main > Setup > Fiscal Years/Months
- Click the arrow to the left of the fiscal year to reveal the months
- Edit a month
- Set the Status to Active
If your change requires creating a new transaction or editing a transaction that hadn’t been reconciled, you are ready to proceed.
If your change requires editing an already-reconciled transaction, you will need to un-reconcile the bank statement that contains the transaction and un-clear that transaction.
To un-reconcile the relevant bank statement.
- Go to Financials Main > General Ledger > Financials Institution Statements
- Click the down arrow to the right of the month
- Mark Un-Reconciled
- If any future months have already been reconciled, you will see a warning that all future months will be un-reconciled. Click Mark Un-Reconciled to proceed.
- Reconcile the appropriate statement
- Uncheck the transaction(s) that need to be edited
At this point, you are free to edit the transaction, re-clear it, re-reconcile the bank statement(s), and re-close the month(s).