Microsoft KB Archive/939555

= Error message when you try to create a customer, a vendor, an account, or an inventory item in Accounting Professional 2007, in Accounting Express 2007, or in Small Business Accounting 2006: &quot;The fiscal year for your company has been closed&quot; =

Article ID: 939555

Article Last Modified on 8/15/2007

-

APPLIES TO


 * Microsoft Office Accounting Professional 2007
 * Microsoft Office Accounting Express 2007
 * Microsoft Office Small Business Accounting 2006

-



SYMPTOMS
When you try to create a customer, a vendor, an account, or an inventory item, you may receive the following error message:

The fiscal year for your company has been closed. You can only enter opening balances when a fiscal year hasn't been closed. To re-open fiscal year, select Manage Fiscal Year on the Company menu. If you need assistance contact your administrator.

This problem occurs in Microsoft Office Accounting Professional 2007, in Microsoft Office Accounting Express 2007, and in Microsoft Office Small Business Accounting 2006.



CAUSE
This problem occurs because the date of the opening balance transaction is in a closed fiscal year.

Notes
 * If you use Small Business Accounting 2006, the opening balance transaction uses the company start date.
 * If you use Accounting Professional 2007 or Accounting Express 2007, the opening balance transaction uses the date in the As of field or in the Balance as of field.
 * If you create a customer, a vendor, or an account, you must enter a balance for the opening balance transaction.
 * If you create an inventory item, you must enter an on-hand quantity for the opening balance transaction.



RESOLUTION
To resolve this problem, use one of the following methods.

Method 1: Open the fiscal year
If you open the fiscal year, the date of the opening balance transaction is in the open fiscal year. To open the fiscal year, follow these steps:
 * 1) On the Company menu, click Manage Fiscal Year.
 * 2) In the Manage Fiscal Year dialog box, select the fiscal year that you want to open in the List of Periods list, and then click Open Fiscal Year.

Note If multiple fiscal years are closed, the most recent fiscal year must be opened first.

Method 2: Change the date in the &quot;Balance as of&quot; field or in the &quot;As of&quot; field
Note You cannot use this method in Small Business Accounting 2006. The Balance as of field and the As of field are not available in Small Business Accounting 2006.

You can change the date so that the opening balance transaction is in the open fiscal year. To do this, use one of the following steps:
 * If you create a customer or a vendor, change the date in the Balance as of field.
 * If you create an account or an inventory item, change the date in the As of field.

Method 3: Create an item, and then record the transaction
 Create one of the following items:  A customer without an opening balance A vendor without an opening balance An account without an opening balance An inventory item without an on-hand quantity

For more information about how to create a customer, a vendor, an account, or an inventory item, see the following Help topics:  &quot;Customer form: options and information&quot;</li> &quot;Vendor form: options and information&quot;</li> &quot;Add an account&quot;</li> &quot;Inventory form: options and information&quot;</li></ul> </li> Record the individual transactions. To do this, follow these steps: <ol style="list-style-type: lower-alpha;"> Record individual customer sales by using an invoice or by using a journal entry.

Note If you select inventory items on the invoice, the on-hand quantity of these inventory items will be decreased.</li> Record individual vendor purchases by using a vendor bill or by using a journal entry.

Note If you select inventory items on the vendor bill, the on-hand quantity of these inventory items will be increased.</li></ol> </li> Update the on-hand quantity of inventory items. To do this, use an item receipt, a quantity, or a value adjustment.</li></ol>

Keywords: kberrmsg kbtshoot kbprb kbmbsmigrate kbexpertiseinter kbexpertisebeginner KB939555

-

[mailto:TECHNET@MICROSOFT.COM Send feedback to Microsoft]

© Microsoft Corporation. All rights reserved.