Open Forward Balance Update - G/L
The Open Forward Balance Update carries all asset, liability, and equity General Ledger balances forward from one year to the next.
If doing year-end processing, complete all year-end tasks for the other modules before starting the year-end tasks for the General Ledger module. For help, see Year End Processing Screen (U.S.) or Year End Processing Screen (CAN).
All changes are reflected in current balances.
Income and expense accounts will be closed to the Retained Earnings account defined in the G/L Installation screen.
This update may be run frequently as the company progresses into a new fiscal year. This step should be repeated if changes have been made to the previous year.
Important: When using this function, all balance records for the next year will be affected.
If a given account's year-end balance is $0.00 and the status is Not used, the account code is not rolled forward to the new year. This applies to:
- Asset accounts
- Liability accounts
- Capital accounts
Regardless of an income account's status, the account code is closed to Retained Earnings.
