Balance Sheet Account Beginning Balance Brought forward on year end close

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Posted on by Ramanan

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Hi All,

During GP year end closing, is there any option to consolidate the multi-currency balance to functional currency balance.

We are facing the following scenario, one of a balance sheet account having transactions record in multi-currency lets say USD and EUR.

Example, consider company's functional currency is USD and multi-currency is enabled.

Account 1 - Period 1 - One debit in USD - $100

Account 1 - Period 6 - One credit in EUR - EUR 200 ($200 - USDEUR exchange rate * 1)

Account 1 - Period 12 - One debit in USD - $100

Though the net ending balance is zero, after running year end closing, the account beginning balance (period 0) is showing debit $200 credit $200 (EUR 200) and net balance zero.

Kindly let me know is there any option in GP to consolidate and show the beginning balance with debit credit as zero balance.

Regards,

Ramanan

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Chamberlin 5 on at

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RE: Balance Sheet Account Beginning Balance Brought forward on year end close

Opening balances are most important when a company finishes an accounting year, and ends up with a closing balance - the last balance in the accounts. This balance is carried forward to the new financial year accounts and then becomes the opening balance - the first entry in the new accounting period prepaidgiftbalance.com