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Close Prior Year?

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Scott CHJW Posted: Thu, Apr 21 2011 5:09 PM

Is there a way to close the prior year in Billing Matters so that entries I make this year are do not affect last year's data?  We're finding that if we have an overpayment in 2010 that is sitting on the account as a credit, then have additional time on the file that we bill in 2011, an entry is posted to the GL to the date we received the overpayment in 2010.  This is causing my accountant some heartburn.

I've talked to TM tech support and they said sorry, but nothing can be done.  Anyone have a way to prevent this from happening?

I'm using TM/BM Enterprise 11.  Windows 7 Operating system. 

Thank you.

Scott Rubino

Church, Harris, Johnson & Williams, P.C.

Great Falls, MT

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Posts 41
Jwyatt replied on Fri, Apr 22 2011 8:01 AM

I feel your accountant's pain.  I believe a similar thing happens that causes consternation is after reconciling your check accounts and printing balance sheets, if you create a bill with the prior month's date and allow it to apply Trust funds to it, that Trust check will be cut with the prior month's date and likewise, the balance sheet will show that payment as having been recieved in the prior month.

In the second case, I just ignore that idiosyncracy most of the year but at year end I am careful to run out all bills before "finalizing" the books.

In your situation, I suppose you could search for any credit balances and move that money to Trust.  Then when you are ready to use the credit balance you would just "apply funds to AR".  I don't think doing so would trigger any entry in the "closed" year.

Jeff Wyatt
Abilene Texas

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Posts 1,699
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Are you setup on cash or accrual basis?

What type of account is suspense mapped to - a liability account or an income account?

 

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35-45 Consulting

& Time & Cents Consultants, LLC

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