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Reconciling new year bank statements (O/T/Q)

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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.

About Lillian Aaron

Lillian Aaron is inspired by small and mid-sized businesses. She understands the challenges they face and the tenacity required to build strong, growing organizations. Since 1983, Lillian has worked with businesses as a business process consultant helping them implement and support leading-edge products that drive efficiency and profitability for diverse clients. Her friendly, one-on-one consulting style helps business owners and managers feel at ease when adopting and learning new technology systems.

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