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Ruthie T

correcting GL Opening balances in new fiscal year

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How do I correct/set/reset the Opening Balances of GL accounts of a new fiscal year to 0? 

The Opening Balances are carrying forward to this new fiscal year.

The period variance is correct for this fiscal year, but the Opening Balance (and therefore incorrect Running Total and Closing Balances clutter up the GL detail report when I want the client to review the data. 

  • 0

    Hi  ,

    Thanks for reaching out. To correct or reset GL opening balances for a new fiscal year in Sage Accounting, you'll need to perform a few specific steps. These involve creating and posting journal entries to adjust the opening balances to the desired figures. The process is detailed and requires attention to ensure accuracy and compliance with accounting standards. For a step-by-step guide on how to do this, please refer to the solution provided on this article: Correcting GL Opening Balances.

    Warm regards,
    Erzsi

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