Edit previous period transaction

Hi,
I am trying to edit a transaction made in a previous period but the transaction is locked.
I would like to amend the units bought but not the cost. Can anyone let me know how to go about doing this as the amount of units are incorrect.

Thanks
Ilona

A couple of thoughts.
I am assuming that by a previous period you mean that you have created entries and balanced forward to a new period. Also assuming that you have completed you Annual Audit and Annual Tax Return submission for the previous period. which is why the record is locked. If that’s not the case then you could roll back, reverse entries and edit.
If my original assumptions are correct then I would suggest you do a journal entry (and fully document) in the current period to purchase or sell some units at a zero cost (as appropriate). Depending on the size (materiality) of the adjustment you may need to consider seeking advice from your auditor as to the potential need to vary your Fund Tax Return. I think there is a way to reference such a transaction back to the original transaction date - but haven’t checked that. Good luck.

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Thank you - that sounds like a great idea - I appreciate your help :slight_smile:

Hi Ilona,

Another suggestion:

If you’re trying to reduce the number of shares purchased without changing the cost base, you can do a share consolidation via the corporate action screen.

If you’re trying to increase the number of shares I think you will need to first sell them out at the cost base you purchased them for, then repurchase the correct number of units at the same cost base. You can enter the Contract date as an earlier period without having to reverse entries etc. This will be a journal, and should avoid any CGT calculations. And yes, document everything for audit purposes.

Good luck!

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I was always told that once accounts have been audited you cannot change them otherwise they have to be reaudited. So my suggestions is you need to make your adjustments in the next year via a journal of the quantity required at nil dollars.

Thanks Christine, I appreciate it :slight_smile:

Thanks Katey, I appreciate your thoughts :slight_smile: