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When accounts need to be closed, merged, or distributed at the beginning of a new fiscal year (and after year-end processing), the current beginning balance, or part thereof, typically needs to be transferred from one account to another. This utility allows you to adjust the beginning balance for both new and existing asset, liability, and equity accounts. Note: Expense and revenue accounts do not have beginning balances.
The Adjust Beginning Balances screen displays accounts whose previous year’s ending balance was rolled forward into the current year’s beginning balance. These are accounts that existed in the previous fiscal year, and are active in the current fiscal year. This utility allows you to adjust beginning balances for asset, liability, or equity accounts only.
Adjustments made to beginning balances are required to be balanced across accounts within the same fund. For example, if beginning balance dollars are being transferred from an asset account in fund 10, the destination should be another asset account in fund 10. This utility does not allow beginning balance transfers between different funds.
To implement this rule, adjustments to beginning balances can only be saved when the adjustment amounts are balanced. That is, the total change (increase plus decrease) in beginning balances should equal zero (0.00).
Beginning balances entered through this utility are stored in an interim table until you select to "accept" these account beginning balances. An edit list is available and provides an easy way to review the beginning balances entered before running the Accept process. See Accept Beginning Balances for more information.
This screen lets you modify beginning balances only after the previous year has been closed. It is important that year-end processing be completed before using this utility to avoid having the adjusted beginning balances overwritten with the previous year’s ending balances.
Page Updated 11/06