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.
You can enable Preview/Print to print the report to
verify the transfer. The report can also be found in
Report Archive.
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.