Balance carry forward for general ledger accounts

Balance carry forward for general ledger accounts

The balance carryforward transfers the released final balances of the balance sheet accounts into the new period as traceable initial values. In the following financial years, the balances of the balance sheet accounts are automatically updated.

Why this point is crucial for key users

The lecture is the bridge between the years. If it is constructed precisely, balance sheet accounts begin in the new year where the old one left off - without mixing up the history.

Fields and settings at a glance

• Choose that Opening balance account against which the opening balances should be posted. For example, account 9000 for balance carryforwards in general ledger accounts.

Register overview

• Balance carryforward number: Unique number of the created lecture; is displayed by attachment.
• Creation date: Time of creation for traceability.
• Accountant: Person responsible for the process. By default the logged in user is suggested.
• Document date: Technical date of the balance carried forward.
• posting period: Open target period in which the presentation is posted.
• Document number: External or internal proof of reconciliation.
• Info: Short, verifiable description of the lecture.

Positions tab

• Select using the switch Add ledger account the corresponding balance sheet accounts.
• Enter the amount that should be posted as a balance carryforward. Accounts that should appear on the assets side of the balance sheet with a positive value are recorded without a sign and posted to the debit. Accounts that should appear on the liabilities side of the balance sheet with a positive value are recorded with a minus sign and posted as credit.
• With the switch Book the postings are generated.
• The switch Remove deletes individual positions from the draft.

How to prepare for the process safely

1. Reconcile the ending balances of the balance sheet accounts to be transferred.
2. Select target period, document date, responsible person and offsetting account.
3. Create or check the carryforward items and their debit/credit assignment.
4. Only book after the totals have been checked and documented approval.

Check before sharing

• The target period is open and belongs to the new year.
• The total and counter entry are balanced.
• The beginning balances correspond to the released ending balances.

What your team gets out of it

The new financial year begins in the right place financially – transparent down to every item.

Related topics

1. For key users – understand and prepare processes › Finance › New year work › Balance carry forward for customers and suppliers
2. For key users – understand and prepare processes › Finance › New year work › Closing entries

Frequently asked questions