The Update Opening Balances command takes data from the previous year's file and updates the opening balances for the current year.
When do you need to use the Update Opening balances command?
The Update Opening Balances command is required in the following cases:
- You have created the New Year with the Create New Year command, but you still made changes to the previous year's file (additional transactions, new accounts, ..).
- Changes were made in the previous year (added or changed transactions, added accounts...).
Check the previous year accounting
In order to avoid differences between the previous year closing balances and the New Year and opening balances, it is important, before using the Update opening balance command, to make sure that you have carried out all the checks, verification operations and all the closing accounting entries as indicated in the Year end closure of the Double-entry accounting page.
The Update Opening balances dialog window
In order to access this dialog, use the Actions menu → Update opening balances command.
You need to enter the path to where the previous year's file is located:
- The program will suggest the name of the saved file
- If the file's name or the location path is changed you the Browse button
Operations carried out by this command
The command resumes the data from the previous year, without changing its contents. This command can therefore be repeated without any impact on the previous year's file.
The command performs the same operations as in Create New Year , except those referring to the creation of the file.
Change of the Chart of Accounts of the previous year
If after creating the New Year you add accounts to the previous year and carry over the balances, the program may indicate an error. In this case, you should:
- Enter the new accounts in the new year's file as well.
- Repeat the Update Opening balances operation
You can import changes with the Import Accounts command.