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Reopen closed financial years

When a financial year is closed the closing balances of that year are transferred as an opening balances to the new financial year and its thereafter not possible to enter transactions in the closed period. Loan Performer however allows you to reopen the last closed financial year and to post new or make corrections to the transactions in that period.

As a result of say:

• Misplaced voucher before close of financial period that needs to be entered

• Adjustments following an External audit (Management letter)

• Change in the institution’s policy for instance on computation of provision when a certain provision percentage was used

Loan Performer also keeps a track of who reopened the period, made adjustments and the reasons for the reopening of the closed period.

Note that you need to be logged on as a Supervisor to be able to reopen the financial year.

How to reopen closed financial years

To reopen closed financial year you go to Tools->Reopen Closed Financial Period and a screen like the following shows up:

Note that to update the GL you must open the closed financial period and manually update the GLs.

• Period: Tick this checkbox and the "Reopen period from" will become active. You will now be able to enter the date from when the year closure was done of your choice. If it is not ticked, then "Reopen period from" field will become read only but populated automatically with the previous period that was closed.
• Reopen period from: Enter the date when the closed financial year was opened, e.g., "01/01/2014".
• Reason: Enter the reason why you are reopening a previously closed financial year, "To post omitted transactions".

Note that transactions belonging to a period but posted after the period closure will be saved in the subsidiary ledger but not in the General Ledger thereby causing an imbalance between the sub ledger and the general ledger totals. If you open the period you must ensure that these transactions are posted to the General Ledger to correct the imbalance.

Update of sub ledgers in closed months allowed

Update of sub ledgers in closed financial years allowed

Reject General Ledger and sub ledger transactions in closed periods

Click on the OK button to reopen the year.

Note that after reopening the period you need to log out and in to apply the changes

Related Topics

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