How to correct a prior year entry after the books and software year has been closed?
Yearly escrow fees for a rental condo are booked into a current asset acct. At year end the actual taxes paid from the escrow acct are reclassed to an expense acct - Property Taxes. In 2009 we failed to reclass the taxes paid to the exepnse acct. Our accounting software will not allow us to go back into a prior year once the year has been closed. Is it possible to correct the entry in 2010(2010 is still open on our books) using a susepnse acct or something?