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You would need to ensure the periods are open and you post a general journal reversing the monthly balances - why do you want to do this it negates any comparitve monthly financial reports you would run.

Hi Steven,

Thanks for your reply.

So you mean to say that there is no need to reverse any entry already there in the system and I can go ahead with closure of years 2009, 2010, 2011 with the option Closing -> Opening selected.

I just have one concern, wont this duplicate the Opening balances for years (since system will also be creating Opening entries for the next year?

Please let me know.

Thanks

There is no need to reverse the opening balances of previous years to create the opening balance of the next year, but what I would recommend is you do this in a test environment and see the impact of what you are doing before you do it in live (where things are harder to undo)

Hi Thanks for your reply.  What is worrying me is the presence of some apparently system/auto-generated transactions with following Vouchers:

2010OPEN

2011OPEN

Please see the snap shot below:

These Voucher transactions are not posted by any Journal since on Voucher transactions form at General tab, Journal field is empty.

Does anyone have any idea what these Voucher transactions may be related to?

Thanks

To further aid on this, when I close year 2009 using the option Closing -> Opening system will also created opening transactions for year 2010. Is that right?