Once you have updated your final balances in your history company, to Manually update your GL Opening balances, follow the steps below.
Print the Trial Balance in your history company
Open General Ledger, Reports, Old Reports, Trial Balance.
On the Options tab, set the Period to Year to date and Period number to period 12
Print the report to screen first and scroll to the bottom of the report and make sure that the Last Year Column value is zero, and the current year Debit and Credit column amounts match.
You can then print a hard copy to the printer or print to screen then export to Excel for your working copy.
Print the Trial Balance In your current company
Open General Ledger, Reports, Old Reports, Trial Balance.
On the Options tab, set the Period to Year to date and Period number to period 12
Print the report to screen first and scroll to the bottom of the report and make sure that the Last Year Column value is zero, and the current year Debit and Credit column Grand Totals match.
You can then print a hard copy to the printer or print to screen then export to Excel for your working copy.
Compare the History company and Current company hard copy/Excel Trial balances
Compare the Debit and Credit columns from the History company to the Last year column in the Current year company.
Note any accounts that have differences and the amount of that difference.
Using the History company Trial Balance, calculate what value Opening Retained Earnings should be in the current company. The value should be:
Opening Retained Earnings + Net Profit for the year - Taxes and Dividends.
Adjust the GL opening balances in the current year company (for all accounts except Retained Earnings)
Go To Setups, General Ledger, Opening Balances, Enter Opening Balances
From the Account Code field, select the account where you have found a difference from your workpapers.
Select which month shown in the Last Year Period Totals section you want to adjust by tabbing through the amount fields for each month.
Add or subtract the amount of the difference calculated in step 2 above from the month you have selected to adjust. Note: if you want, you can allocate the difference amount across a number of months.
Make sure that the Last Year Total now matches the amount in your history company Trial Balance.
Click Accept (F9). Note: You will be asked to confirm if it is Ok to update the value of the New Last Year Total (for expense accounts) or This Year Opening Balance (for asset and Liability accounts)
Select Yes if it is correct or No if you need to modify it,and modify accordingly.
For your retained earnings account, select the Retained Earnings account Code.
Leave the Last Year Period Balances as they are.
Click onto This Year Opening Balance note down the value and then enter the correct Balance as per your calculations.
Click Accept (F9). Note: You will be asked to confirm if it is Ok to update the value of the This Year Opening Balance as it will differ to Last Year Closing Balance. Select Yes to update or No to modify.
Verify that you have updated the Opening Balances correctly
print out your GL Trial Balance again as per the steps above in the section: Print the Trial Balance In your current company
Print the report to screen first and scroll to the bottom of the report and make sure that:
the Last Year Column is zero and;
The current year Debit and Credit Column Grand Totals match
Print out your GL Trial Balance.
Check to make sure that the figures in the Last Year column now agree with the figures from your History company Debit and Credit columns.