Prepayments Posted to the Wrong Period

This guidance is only for IRIS Financials Version 7.0.2103 or later. If using and older version, go to Dealing with Prepayments Posted to the Wrong Period.

Prepayments cannot be posted and applied correctly if the relevant accounting periods either do not exist, or the period state set does not allow transactions to be posted to the period.

If an accounting period within a prepayments range has a state that does not allow transactions to be posted to it, the deferred income is ignored for that period and allocated to the next future accounting period that does. If no future periods exist, the remainder of the prepayments are posted into the Register period (REG.REG).

The examples in this topic provide details of how prepayments are posted for different scenarios regarding period state settings:

All periods have a period State that allows posting

If all the accounting periods exist and are set with a period state that allows posting, the prepayments are posted equally to each period.

All periods have a periods state but some do not allow posting

If one or more accounting periods have a state that does not allow transactions to be posted to it, IRIS Financials posts whatever portion of the prepayments that could not be posted to the next period that does allow posting.

To post the prepayments into the correct period, an administrator can edit the documents to put them in the correct period, or if your permissions for IRIS Financials allow, you can: 

  1. Open the periods you need to post to.
  2. Edit the relevant prepayment documents to post them to the correct period.

Not all periods have been created and the last existing period does not allow posting

If no future periods have been created and the existing periods do not allow transactions to be posted, the prepayments that cannot be posted, are posted as separate documents for each outstanding period to the Register period (REG.REG).

To post the prepayments to the relevant periods from the Register period, you must change the state of the period to one that allows posting and move the prepayments documents to them.