Opening Forward Balance Update

The Opening Forward Balance Update carries all asset, liability, and equity General Ledger balances forward from one year to the next. 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 the asset 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.

  • If the liability 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.

  • If the capital 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.

  • Regardless of an income account's status, the account code is closed to Retained Earnings.