10. Using GL Beginning Balance Update to Bring GL Balances Forward to New Fiscal Year

Overview

General Ledger balances don't automatically roll forward to the next fiscal year. Run the GL Beg Balance Update to post net income to Retained Earnings and carry balances into the new year.

Where: GL → Programs → GL Beg Balance Update

1 – Close the fiscal year end month first

Run this update only after closing the Fiscal Year End month of the current year.

2 – Set the Initialize Fiscal Year Ending field

Enter the last month of the new fiscal year. For example, if 12/27 is the new fiscal year and 12/26 just ended, this rolls 12/26 balances into the beginning balances of the new year for Balance Sheet accounts, and sets Income and Expense beginning balances to 0.00.

3 – Run it per company

This initializes beginning balances only for the company you're working in. Each company needs its own run, and it can be run again if prior year entries are made afterward.

Caution

This will set all beginning balances in the year you enter and override any manually entered values in GL Beginning Balances. Skipping this step means Asset and Liability beginning balances won't match prior year ending balances, and Income and Expense beginning balances will show as 0.00.

Using GL Beginning Balance Update to Bring GL Balances Forward to New Fiscal Year (Trimble source article) →