After entering/posting any adjusting journals/entries in your last year company, do the following to update the opening balances in your current/live data.
In your last year company:
Go to General Ledger, Reports, Financial, Standard Financial Reports.
Select P&L BALANCE SHEET for the Report Layout Name.
Ensure no Account Range is entered.
Optionally, on the Options tab you can tick Suppress Last Year Warning Messages.
On the Output tab select Screen and then Print (F9).
The Financial Report for the company will generate. Note that:
Running this report will update all total accounts.
Ensure that Net Assets equal Total Equity. If these two total accounts do not equal one another then there is either an unbalanced batch which must be found and corrected, or the chart is incorrect. Correct the problem and then repeat steps 1 to 6.
Until the Standard Financial Reports balance, you will not be able to import opening balances.
In your current / live data:
Before updating, run File, Archive Current Company (best practice before running any bulk update).
Go to Setups, General Ledger, Opening Balances, Enter Opening Balances.
Select Import Last Year Data.
Select your last year company dataset in the Company Imported From field.
Ensure Adjust This Year Opening Balances is ticked.
Click or press Accept (F9).
If you receive no errors, then run either the Trial Balance or the Standard Financial Reports to check your accounts balance.
📌Note:
The Trial Balance is in balance if the Last Year column totals to zero and the total for debits and credits equal each other.
The Standard Financial Reports balance if Net Assets equal Total Equity.