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Error! You cannot validate this journal entry because account "Prepayment" does not belong to chart of accounts "Period Opening

By
Yoshi Tashiro
on 6/15/13, 11:57 AM 2,784 views

Version 7.0-20130326-002357

I get this error message when trying to post the journal entry for period opening of the new financial year. Any idea where this message is coming from?

Error! You cannot validate this journal entry because account "Prepayment" does not belong to chart of accounts "Period Opening Use".

1
phoebe
On 6/26/13, 12:34 AM

Yes, I think it is related to the "parent" of accounts. First, you should check if the accounts mentioned in the error message ( account called "Period Opening Use" & "Prepayment" ) have their "parent"s. I have checked that if you go to "Accounting>>Configuration>>Accounts>>Account" and find out that the field of parent of account "Period Opening Use" is blank, this journal entry would not be posted. As a result, just go to "Accounting>>Configuration>>Accounts>>Account" and click "edit" to provide a "parent" for your "Period Opening Use" account.

The problem was that the "Period Opening Use" account (contra account for opening journal records (the one set in Opening Entries Journal) had nothing in the Parent field. Normally you would set a company level account code but I missed that when I did the setup. Problem was solved after I updated the Parent field.

Yoshi Tashiro
on 6/26/13, 5:32 AM

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Asked: 6/15/13, 11:57 AM
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Last updated: 3/16/15, 8:10 AM