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THENDRICKSON's avatar
THENDRICKSON
Contributor
3 years ago

Prior Year Financial Statements and Retroactive System Changes

We are wanting to know how other government agencies are doing for their prior year financial statements. What is your solution on how to handle retroactive system changes within OneStream? 
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Methodology
Henning's avatar
Henning
Icon for OneStream Employee rankOneStream Employee
3 years ago

Yes, in such a case, creating a new scenario is the recommended way. OneStream customers create a scenario called "Restatement" or something like that, copy over the relevant data and then post their adjustment journals to this new scenario. 

Historical periods that have been closed and approved should not be touched anymore for various legal and audit related reasons. Combined with the way OneStream is designed to facilitate the financial close, by scenario, time and workflow, a separate scenario is typically the chosen way.

This is a consultant's perspective, happy to see if other customers share their experience as well.