[GL] Using GL Beginning Balance Update to Bring GL Balances Forward to New Fiscal Year

• General Ledger Balances do not automatically roll forward to the next Fiscal Year
• Use the GL Beg Balance Updateto: 
  • Post Net Income to Retained Earnings (The P-Profit/Loss account - This is an Account Type set up in GL Chart of Accounts)
  • Set beginning balances to zero for Income/Expense accounts
  • Set beginning balances of Balance Sheet accounts to prior year ending balances
• GL Beg Balance Update may be run multiple times and should be run if prior year entries are made after Beginning Balance Update has already been run.

NOTE: If this is not run, Asset & Liability beginning balances will not match prior year ending balances and Income & Expense beginning balances will be 0.00.

• After closing the Fiscal Year End Month of the current year, go to GL > Programs > GL Beg Balance Update
• In the Initialize Fiscal Year Ending field, enter the last month of the New Fiscal Year 

• In the example above, 12/25 is the new fiscal year and 12/24 is the fiscal year that just ended.
• Initializing this will roll the balances from 12/24 into the beginning balances of the fiscal year ending 12/25 for Balance Sheet Accounts and set 2024 Beginning balances for Income and Expense Accounts to 0.00.

  NOTE: Running the GL Beg Balance Update will initialize the Beginning Balances for the Company you opened it in. Each company will need to be run separately.

• The GL Beg Balance Update will set all the beginning balances in the "Initialize Fiscal Year Ending:" year and will override any manually-entered values in GL Beginning Balances, so be sure that you are initializing the correct year.