Field Definitions: GL Beginning Balance Update Form

The following is a list of field descriptions for the GL Beginning Balance Update form. Many of the descriptions include links to other topics that provide additional information about or related to the topic.

Fiscal Year Ending

This program should be run after year-end processing is completed to automatically update the beginning balances for the next year.

Enter the fiscal year for beginning balances to be updated.

Beginning balances for all income, expense, heading, and memo accounts will be set to zero. Retained earnings will be calculated and set according to the income and expense totals. All other accounts will be set as the prior year’s ending balance.

Prior Fiscal Year—Display only, the fiscal year prior to the fiscal year specified here.