- Created by Suchi Govindarajan, last modified by MartinW on Feb 21, 2018
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https://help.myob.com/wiki/x/_QyEAQ
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.
You'll need to set up a Balance Forward account and generate the journal for the Balance Forward account.
- 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.
You can also modify and delete Balance Forward accounts.
- 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.
- 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.
Generating journals for Balance Forward accounts
- Open the Workpapers period. The Prepare Trial Balance (Workpapers) table appears.
- In the TASKS bar, click Define Balance Forward Accounts. The Define Balance Forward Accounts window appears.
In the Define Balance Forward Accounts window, click Generate Journal.
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.
When you've set up Balance Forward account for the first period, Client Accounting can automatically generate the journals for the following periods. To automatically generate a journal, the workpaper period start date must be the same as the first day of the financial year. Journal entries are only generated for accounts that have prior year closing balances.
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