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.