Hi guys, in some countries (e.g. Germany) the accounting regulation requires corporates to carry forward the balances of the general ledger to the new fiscal year. It’s basically like a reversing entry, to take every account balance out from the last year’s ledger and record the exact balances into this year’s ledger. Is it possible to do this in Acumatica automatically? Thanks!
+18
Hello,
In Acumatica, the ending balances of Account Types Assets and Liabilities (including Equity) automatically roll forward and become the beginning balances for the next year.
Account types Income and Expense accounts automatically start over each year with $0 beginning balance. Income and Expense balances from the end of one year are added into the Retained earnings account that is named in GL Preferences screen (shown below).
All of the above happens naturally, automatically: no need to manually reverse anything or to manually create year-end entries to move profits to Retained Earnings. Changes posted back to a prior year will post correctly - automatically rolling forward a new balance on Assets, Liabilities or updating Retained earning depending on the entry that is posted back.
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