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. 

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.

Window

Final Year End

Related Window Descriptions

Final Year End, Accounting Periods

Procedure

Use the following procedure to transfer final year-end balances:

1. Open the Final Year End window.
2. Enter the ledger ID for which you want to transfer the final balances. The List of Values can be used to select the required ledger ID.
3. Select Transfer Year End Balances.
4. Enter the accounting year from which you want to transfer the closing balances.
5. Enter the accounting year to which you want to transfer the opening balances.
6. To start the transfer, click OK. A validation is carried out to match the debit and credit balances. For the general ledger assets, liabilities and owner's equity must balance. For an internal ledger it is optional to decide whether to balance the assets, liabilities and owner's equity before the final transfer or transfer the balances with differences.A validation is also carried out to ensure that all the accounting periods in the primary calendar from which the closing balances are to be transferred are closed for the accounting year. A message is displayed when the transfer is complete.
7. Click Print to print the report to verify the transfer. You can also view the report by clicking Preview. The report can also be found in Archived Reports.