When you create a new accounting cycle, you can roll over balances from the permanent accounts of the prior cycle, once the prior cycle is closed. AptaFund gets the amounts from the previous cycle for the permanent accounts using the account mapping, so the system updates the permanent accounts to the new accounts.
Permanent accounts are those with an account code that has a controlling element value with the account type of Asset, Liability, or Fund.
Although you can manually create opening entries in Journal Entry, you can use the Generate Opening Entries command to automatically perform this action for you. When you invoke the command, transactions are created to copy the closing balance for each of the non-zero permanent accounts in the prior cycle to the new cycle. Balances in the prior cycle are not affected.
Define and map accounts.
Verify the chart of accounts.
Ensure that the COA has been rolled over to the new cycle since the last time any changes were made to it or to any element values.
Generate closing entries in the current accounting cycle to close it.
Run the Trial Balance Report on the prior accounting cycle before generating opening entries. This report will show the balances of the permanent accounts in the prior cycle that will be used to create opening entries
Select Accounting Cycle from the Chart of Accounts menu, and the Accounting Cycle window opens.
Check the box for the accounting cycle, and select Generate Opening Entries from the More menu. The Generate Opening Entries window opens.
Enter the Transaction Date.
If you want to manually post the entries, clear the Post Transactions box.
Click OK.
Return to Accounting Cycle Overview
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