Entering opening balances creates an audit trail for your transactions and follows good accounting principles. This tutorial walks through the three stages of the process: creating a prior year (if one does not already exist), importing or creating a journal in the prior year containing the ending balances, and running the Fiscal Year Closing utility to move those ending balances into the next year as beginning balances.
Note: For a visual walkthrough, see the "Enter Opening Balances" video or browse all tutorials on the "Videos at a Glance" page.
Create a Prior Year
- From the General Ledger menu, select Modify > Year and Periods.
- Click the Add New Year link.
- Enter the Begin Date and End Date for the previous year, then check the "Include Audit Period?" check box.
- Review the Year Period page and click Update.
- The Year Period page
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