Update Beginning Balances

General Ledger - Update Beginning Balances

Function

This task is run after the period end update for the last period in a year and prior to the closing of the fiscal year. Use this task to bring balances forward into the current year for balance sheet accounts. The Update Beginning Balances can be run as frequently as necessary to indicate any changes.

Retained earnings will be calculated. Income and expense account balances will be accumulated, and the difference between income and expense will be posted to the retained earnings account specified in the parameters. The ending balances for Asset, Liability, and Capital accounts will become beginning balances for the New Year. Income and expense account balances will be set to zero. The Update Beginning Balances Register is also produced.

=> To access this task...

Select Update Beginning Balances from the Period End Processing menu.

If the Suspense account is in use and has a non-zero balance, the following error will appear:

The Year End/Beginning Balances Updates may not be run if the suspense account is in use and has a non-zero balance.

Select [Yes] to proceed with the process and produce the report.
Select [No] to discontinue the process.

Sample Update Beginning Balances

Closing the report, another prompt is issued:

Enter [Yes] to post the results of the Beginning Balances Register to the next period.
Enter [No] to return to the Period End Processing Menu without updating.

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