About year end and audit adjustments

[novica]

@kinland

Thanks for your reply. But this adjustments belongs to prior year, it’s better to input to prior year’s ledger. For example, Debit expense item & Credit Accounts payable, if input to this year, the expense amount will be larger.

Yes, you are going to input them with appropriate dates to have them in the previous year. The set period setting has nothing to do with that.

For more see this older topic: Regarding closing an accounting period - #4 by novica