About the GL Beginning Balances Form
Use the GL Beginning Balances form to set beginning account balances during the initial implementation of the General Ledger module.
After you set the initial beginning balances, the system automatically updates them each time you run GL Beginning Balance Update.
The grid entry format allows you to easily enter beginning balances for each account. You can use the tab/enter keys for data entry; however, it does require moving through the GL Account and Acct Type columns that, while enabled, are non-editable. If you prefer a quicker method of entry, you can use the down arrow to move to the next beginning balance. You can also use this method to edit the Dr/Cr value of each account, if applicable.
Although it is not required, we recommend you enter beginning balances for the current year prior to entering activity in your subledgers.
When you have finished entering the beginning balances for the general ledger accounts, print a Trial Balance in summary form to verify amounts and a balanced total of zero.
Prior Year Beginning Balances
If prior years amounts are to be set up on the system (using GL Prior Years Activity), the prior year beginning balances should be set up in GL Beginning Balances for any year desired.
Prior year beginning balances will be updated automatically when you close the year in GL Month End Close program. When you have finished entering the beginning balances for the general ledger accounts, print a Trial Balance in summary form to verify amounts and a balanced total of zero.