Occassionally people/companies get behind in their bookkeeping and it would be nice to be able to post adjusting entries into previous fiscal years not just the last fiscal year. Quickbooks has that feature. Telling your clients to post those transactions on the furthest date possible which is the 1st day of your previous fiscal year is not a good answer. The data in your system is now incorrect, and when applying for financing on large purchases ei commercial building, the lender typically asks for 3 yrs of financials. Image having to explain to a lender that the data you're providing is inaccurate because your software won't let you post a adjusting transaction because its before your previous fiscal, does that sound professional? I could give more examples, but i've got to get back to work on some data files.
Sue Schuit
