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Now let's carry forward last year's closing balances to this year.
At the beginning of each year, you need to make a journal entry to clear previous income and expense balances to zero, ready for the new year. The journal effect can be seen on the Trial Balance.
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| title | To set up a Balance Forward account |
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- Open the Workpapers period. The Prepare Trial Balance (Workpapers) table appears.
- In the workpaper, select the accounts to update.
- Right-click the selection, and click Set Balance forward account in the right-click menu. The Balance forward window appears.
- In the To Account field, select the balance forward account. You can select the account in the drop-down list, or you can type in this field to search the list of available accounts.
- Click OK to save your changes.
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| title | To generate a journal |
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In the Define Balance Forward Accounts window, click Generate Journal.
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This option is only available from within a workpaper, not from the Workpapers tab. |
A journal with blank descriptions is created based on the first day of the workpaper period and the closing balances of the previous year.
If a Balance Forward journal already exists and hasn’t been posted, Client Accounting asks if you want to delete the existing entry and regenerate a new journal based on the updated account mappings.
If you make a mistake or if your client’s business circumstances change in future years, you can modify and delete Balance Forward accounts
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| title | To modify Balance Forward accounts |
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- Open the Workpapers period. The Prepare Trial Balance (Workpapers) table appears.
- In the task bar, click Define Balance Forward Accounts. The Define Balance Forward Accounts window appears.
- To define the source account and balance forward account, click the empty fields and select the account in the drop-down list or type to search available accounts.
A row must have a source account and Balance Forward account. - Click Save.
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| title | To delete Balance Forward accounts |
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- In the Define Balance Forward Accounts window, select the account that you want to remove.
- Click Delete. The account's row is removed from the table.
- Click Save.
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