Transfer prior year balances
Menu item
This option automatically transfers the closing account balances for all balance sheet accounts from the prior year database into the corresponding Opening balances for the current database. As part of the same process, the Prior year balance for both balance sheet and profit & loss accounts is also updated.
This function is used when a database for one year has been rolled over before the end of year accounts have been finalised (such as income tax). Accentis Enterprise automatically knows how to locate the prior year’s database relating to the current database.
When the transfer takes place, the balances for all non-group accounts in the prior year databases are calculated to June 30 (inclusive). The Opening balance of the corresponding account in the current database is then updated to reflect the correct value.
Performing this operation ensures that each database’s opening account values correspond exactly to the closing account values of the prior year database. When you select the menu option, you will be asked to confirm that you want to update the balances, and the database from which the balances will be calculated will be displayed for confirmation.