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Update Retained Earnings - Question

edited Mar 1, 2017 4:00AM in General Ledger - EBS (MOSC) 2 commentsAnswered ✓

Dear Oracle Gurus,

We are on Oracle 11i.

In relation to updating RE account I have reviewed 165379.1 whereby Oracle suggests a way update the accounting when the first period of the new year is opened.

In our case we follow a fiscal calendar running from Oct - Sep. We closed our year in Sep 2016 and found out that The RE account on one of our statutory reporting books is incorrect. We have now opened periods through February 2017. Are we able to go back and re-open Sep 2016 (last period of Fiscal year 2016) and Oct 2016 (first period of new Fiscal Year 2017) to do the correction journals and update the retained earnings? Will that work?

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