[GL] GL Beginning Balance Update

Purpose

• Roll forward Balance Sheet account ending balances to the new fiscal year.

• Post Net Income to Retained Earnings (P-Profit/Loss account).

• Set Income/Expense beginning balances to 0.00.

• Can be run multiple times if prior year entries are added after initial run.

Note: If not run, Asset & Liability balances won’t match prior year, and Income/Expense accounts will start at 0.00.

Steps

1. Close the Fiscal Year End Month of the current year.

2. Go to GL > Programs > GL Beg Balance Update.

3. In Initialize Fiscal Year Ending, enter the last month of the new fiscal year.

   • Example: If fiscal year 12/24 just ended and the new year is 12/25, enter 12/25.

4. The process will:

   • Roll prior year Balance Sheet ending balances into the new year.

   • Set Income/Expense beginning balances to 0.00.

   • Post Net Income to Retained Earnings.

5. Repeat for each company as needed.

Important: Running this will overwrite any manually entered beginning balances, so ensure the correct fiscal year is selected.