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Frequent Explorer **

HELP! What would result in a change to AP and COGs accounts in a closed period?

In preparing for a financial review, I ran a trial balance for YE 2017 and found that there were some discrepancies between the report dated today, and the last one generated in 5/2017! After regaining consciousness, I queried my managers to see if anyone had made any changes to closed period. Apparently, a VP was unhappy that there were lingering job costs that had never been applied to some old jobs, so he opened the old invoices and applied them. He assured me that the made appropriate compensating entries but that doesn't explain why my Accounts Payable and COGs accounts have now decreased by over 40K.  He did not print out any record of what he did.  How do I fix this?? Anyone have a magic wand?

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Best answer 4 weeks ago

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QuickBooks Team

Re: HELP! What would result in a change to AP and COGs accounts in a closed period?

Purchase Orders are non-posting transactions, BarbDi. This won't affect anything on your books or reports. 

 

The adjustments made by your VP could have caused the discrepancy. Although, we can't let you create any adjusting entries to correct them since these are old transactions. This will affect the closed books.

 

I suggest conferring with your accountant on the best way to handle this. 

 

I'd also like to share this article about understanding inventory assets and COGS tracking for future reference. 

 

Thanks for dropping by. We're just right here if ever you need help from us. 

3 Comments
Moderator

Re: HELP! What would result in a change to AP and COGs accounts in a closed period?

Hello there, @BarbDi.


You can use the audit trail to see the changes made to your books. Also, you can print and use it as a reference to make corrections. 

 

Here's how: 

  1. Go to Reports at the top menu bar.
  2. Select Accountant & Taxes.
  3. Click Audit Trail.
  4. Click Customize Report button, then click Filter.
  5. Search Transaction Type and choose Invoice
  6. Customize the dates in the report's page.
  7. Click Print.

 

To print the report, select the drop-down arrow for Print tab and choose Report. You can select the Preview tab to review the report before clicking Print.

 

Also, if you saved a backup of your company file, you can restore it to reinstate the original transaction. 

 

Here's how: 

  1. From the File menu, select Open or Restore Company.
  2. Select Restore a backup copy and click Next.
  3. Choose Local Backup and then select Next.
  4. From the Look In drop-down, choose the location of the backup file.
  5. Select the backup file from the folder. The file name should appear as [Company Name].qbb.
  6. Select Open, then hit Next.
  7. From the Save in drop-down, choose the location where you want to save the restored file.
  8. In the File name field, type a new file name. 
  9. Hit Save.
  10. Carefully read and respond to any messages that appear before restoration begins. 

I've also attached an article to customize reports, and some links about managing them in QuickBooks Desktop: Customize reports.

 

Keep me posted if you need anything else. I'll be happy to help you some more. Have a great day ahead. 

Frequent Explorer **

Re: HELP! What would result in a change to AP and COGs accounts in a closed period?

Hi MaryGraceS,

Thank you for your advice. I ran a detailed audit report and was able to identify the invoices involved, however, they only accounted for about 5% of the discrepancy. At a loss for what to do next, I even went so far as to review every entry made to the COGs account all the way back to when the account was established (5/1/16) and don’t see anything that would explain the decrease from the time the Trial Balance was printed on 5/19/18 and 9/9/19. Any thoughts as to how this could happen? All I can come up with is something occurred with the POs. 

QuickBooks Team

Re: HELP! What would result in a change to AP and COGs accounts in a closed period?

Purchase Orders are non-posting transactions, BarbDi. This won't affect anything on your books or reports. 

 

The adjustments made by your VP could have caused the discrepancy. Although, we can't let you create any adjusting entries to correct them since these are old transactions. This will affect the closed books.

 

I suggest conferring with your accountant on the best way to handle this. 

 

I'd also like to share this article about understanding inventory assets and COGS tracking for future reference. 

 

Thanks for dropping by. We're just right here if ever you need help from us. 

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