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. One voucher for the closing balance and one voucher for the opening balance in period 0 in the following year will be created.
When a balance amount is 0, it is not transferred to the new balance.
You can enable Preview/Print to print the report to verify the transfer. The report can also be found in Report Archive.
Before a final transfer of the balances can be done, the following must have been completed for the selected ledger:
As a result of this activity, two vouchers are created. One voucher for the closing of balances on the balance accounts in the year closing period of the year and one voucher for the opening of balances on the balance accounts in period 0 in the following year. The two vouchers are placed in the hold table of the selected ledger to be manually updated to the respective ledger.
When the year end vouchers are created, the year status of the selected ledger is changed to Closed. The Closing Balance and Opening Balance fields are updated with Final Voucher Created status when the respective voucher is updated to the ledger. See Accounting Periods for more information.
If final closing of accounting periods is used, the status of the accounting year of the selected ledger will be changed to Finally Closed.