How can I enter a prior year adjustment in the accounts?
In Bright Accounts Production, once a year-end procedure is completed, the system automatically locks the prior year to prevent accidental changes. To make prior year adjustments, follow these steps:
- Delete the Current Year Dataset:
- Go to the dataset list and delete the current year (e.g. 2024).
- This action will unlock the previous year (e.g. 2023), allowing you to make edits.
- Post the Adjustments in the Prior Year:
- Navigate to the unlocked prior year dataset.
- Post the necessary journals or adjustments as required.
- Re-run the Year-End Procedure:
- Once the prior year adjustments are completed, re-run the Year End to recreate the dataset for the current year.
Note: The system retains historical data for each client across five comparative years and five future years. Deleting a dataset does not permanently erase prior year data, as long as the client record remains intact. If full removal is needed, both the dataset and the client record must be deleted.
This ensures that adjustments are properly recorded without affecting the integrity of locked financial periods.