When you try to create a customer, a vendor, an account, or an inventory item, you may receive the following error message: This problem occurs in Microsoft Office Accounting Professional, in Microsoft Office Accounting Express, and in Microsoft Office Small Business Accounting 2006.

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 or Accounting Express, 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.

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 "Balance as of" field or in the "As of" 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

1. 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:
   • "Customer form: options and information"
   • "Vendor form: options and information"
   • "Add an account"
   • "Inventory form: options and information"
2. Record the individual transactions. To do this, follow these steps:
   1. 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.
   2. 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.
3. Update the on-hand quantity of inventory items. To do this, use an item receipt, a quantity, or a value adjustment.