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I just posted a journal entry for a fixed asset cost balance transfer from last year. I entered the entry with a posting date of 12/31/11 (last day of the year). When I check the account summary for 1/2012, the beginning balance is still $0.00, but when I check the summary for 12/2011 the ending balance reflects the correct entry that I made. How can I get the ending balance of 2011 to transfer over to 2012?
Thanks in advance.
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Ok thanks
Account balances only roll forward when the previous year is closed (this is at the same time that the P&L accounts are closed off to the retained earnings account).
Not yet, will they carry over once we close out 2011?
Have you closed 2011 yet?
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