How to enter a Prior Year Adjustment (PYA) in a FRSLTD client

In the comparative year

1. Select Document Postings and select the comparative year
2. Create a new posting document and select the type as "PYA"\
   

   NOTE: Selecting a PYA document will make the comparative "restated"

3.  

   Enter your required balance changes.

In the current year

You will need to amend this year's opening balances

1. Create a new JNL journal
2. Enter the changes to the opening balances

• If the PYA was a change in balance sheet balances (i.e. asset value transferred from one asset type to another) you can just use the opening balance code.
• If the PYA affected the profit for the comparative year, you will need to amend the Prior Period Adjustments code for the P&L reserve using code 926. (use a normal journal in the current year)

If the PYA affected other reserves please look to the following codes

Prior Year Adjustment or Prior Period Errors note

To output the note

1. Open Reportpads
2. Click into Notes - SoFP
3. Click Reference at the top
4. Type Prior on your keyboard (this should locate the PriorPeriodErrors Reportpad)
5. Enter your required text/tables

To amend the heading

By default, the note will be titled Prior Period Errors

1. Open Headings
2. Click into Notes - SoFP
3. Click Reference at the top
4. Type Prior on your keyboard (this should locate the PriorPeriodErrors Reportpad)
5. Enter your required note title, without // at the start

NOTE: The note will not produce a note number on the Income Statement.

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