Transfer Final Balances
Explanation
Use this activity to finally transfer the closing balances of
a selected ledger from one accounting year to the opening balances of the next
accounting year. When a balance amount is 0, it is not transferred to the new
year.
No vouchers
are created with this activity.
Prerequisites
Before transferring the balances finally, the following must have been completed
for the selected ledger:
- The profit or loss
for the past accounting year must be posted
before the final transfer is implemented.
- There must not be any vouchers in the hold table.
- All accounting periods in the accounting year must
have the same status of either Closed or
Finally Closed.
System Effects
As a result of this activity,
- The final transfer updates period 0 for the new accounting year for the
selected ledger.
- After the final transfer of balances has been
successfully completed, the accounting year of the selected ledger is closed. The closing balances on
the year and the opening balances on the following year are set to Final Balance
Transferred.
- When final closing of accounting periods is used
and Final Year End is run, the status of the accounting year of the
ledger will
change to Finally Closed.
Window
Final Year End
Related Window Descriptions
Final Year End, Accounting
Periods
Procedure
Use the following procedure to transfer final year-end
balances:
- Open the Final Year End window.
- Enter the ledger ID for which you want to transfer the final balances.
The List of Values can be used to select the required ledger ID.
- Select Transfer Year End Balances.
- Enter the accounting year from which you want to transfer the closing
balances.
- Enter the accounting year to which you want to transfer the opening balances.
- To start the transfer, click OK. A validation is carried out to match the
debit and credit balances. For the general ledger assets, liabilities and owner's equity must balance.
For an internal ledger it is optional to decide whether to balance the assets,
liabilities and owner's equity before the final transfer or transfer the
balances with differences.A
validation is also carried out to ensure that all the accounting periods in the primary calendar from which
the closing balances are to be transferred are closed for the accounting year. A
message is displayed when the transfer is complete.
- Click Print to print the report to verify the transfer. You
can also view the report by clicking Preview. The report
can also be found in
Archived
Reports.