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Beginning Balances

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Posted on by Community Member Microsoft Employee

After setting up my new fiscal year and closing prior year, the balance sheet beginning balances propagated from the prior year amounts. However, the beginning balances are the debit and credit totals from the prior year.

For example, instead of Cash beginning balance just being the net debit balance from the prior year, it is the debit total from prior year and the credit total from prior year. so the net amount is the same (and correct), but it looks odd. Why is the beginning balance not just the net debit amount?

I was expecting the Beginning Balance to just have a Dr. $4,190.82 (and Cr. $0).

Any help is much appreciated.

-JP

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Community Member Microsoft Employee on at

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RE: Beginning Balances
Community Member Microsoft Employee on at

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RE: Beginning Balances

great, apparently i can't just post snipping tool bits into these posts. that's convenient.
Community Member Microsoft Employee on at

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RE: Beginning Balances