As you complete entries for the last year and begin the new year, remember to run “Update the Current Year” in Periodic Processing each time you Post to the Master in General Ledger.

Updating the current year brings forward all the ending balances of the balance sheet accounts into the beginning balances in the new year.  All income statement accounts are cleared to the Retained Earnings Account as setup in the “Clear To Account” for each income and expense account when created.

Performing this function each time you post to the General Ledger Master will insure that your new year Beginning Balances are correct.  This is especially important as you reconcile bank accounts.