Prior Year Reporting
General Ledger retains monthly account balances for as many years as are desired.
These may be used for creating statements of comparison of the current year to prior year(s).
The GL system does not utilize the prior year figures in its standard reporting, and they are not required. Therefore, if you do not require statements including prior year figures, it is not necessary or suggested that these be set up in the program. In future years, these will be maintained automatically by the system, and you may decide to add this level of reporting to your statements at that time.