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Correcting the prior year (N-1) of an existing company

⏱ 3 min readUpdated on

The final annual accounts (comptes annuels / jaarrekening) often arrive after the plan has started. Fiplan lets you correct the N-1 without recreating the file: the plan follows.

What it is for

The menu of an existing company's file offers Correct the prior year (income statement, tax losses). The window has two tabs: Prior-year income statement and losses — the same step as at creation, with the prior tax losses — and Prior-year balance sheet, which is re-entered in full, under the creation rules.

Steps

  1. Open the file, then its menu, and choose Correct the prior year (income statement, tax losses).
  2. Prior-year income statement and losses tab: correct the headings, the result (9904) and the losses.
  3. Prior-year balance sheet tab: correct the amounts; an unbalanced balance sheet is not saved.
  4. Click Save the prior-year balance sheet or save the income statement tab.
The “Correct the prior year” window, Prior-year balance sheet tab.
The “Correct the prior year” window, Prior-year balance sheet tab.

Worked example · Boulangerie Dupont SRL

The existing bakery receives its final accounts: the bank stood at €14,800.00 instead of €14,300.00, and the profit carried forward at €2,500.00 instead of €2,000.00. The corrected N-1 balance sheet still balances — €36,500.00 on each side, difference €0.00 — and Fiplan replaces all its opening entries (à-nouveaux / openingsboekingen) in one go.

Pitfalls

The balance sheet is corrected in full. A correction replaces the whole N-1 balance sheet; a line without a heading blocks saving.
Correcting the losses changes the tax. The prior tax losses feed the calculation of the plan's corporate income tax (impôt des sociétés / vennootschapsbelasting).
Only for an existing company. An incorporation has no N-1: the menu does not offer this correction.

What it changes

① Income statementDepends on the correction€0.00The N-1 balance sheet does not affect the result; the losses affect the tax.
② CashThe starting cash follows€0.00In the example, + €500.00 from the first month.
③ Balance sheetThe opening entries replaced€0.00In a single transaction, with the balance check.

Source

Fiplan convention (CorrectionN1Dialog, CorrectionBilanN1): the same rules as at creation, the replacement of the N-1 balance sheet in a single transaction.