Hello jfranklin
Adding transactions after the year has passed
Yes and No as it depends. Have the last year's figures already been approved?
Yes, you can if the period (previous year) is still open on your QuickBooks. You have not set a closing date.
However, you should not add transactions if the previous year's figures have been audited (if applicable) and/or approved by the directors or already submitted to the tax authorities. As it will affect both the previous year's figures and the opening balances for the future year.
So, in case you have omitted some transactions for the previous year's and accounts already filed to tax authorities, you should check with your superiors for a solution whether to add them in the current year or by making a prior year adjustment.
Cheers
Dilen
