GMS Accounting Online Help
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WELCOME TO GMS ACCOUNTING ONLINE HELP
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You are here: General Ledger > Opening GL Balances
Opening GL Balances
Function 

Enter, change, and display prior year general ledger amounts.
 
 
Things You Should Know 
  • This function enables you to enter or change prior year general ledger balances. You may also print, display, or export these amounts.
  • When entering prior year general ledger amounts you will specify the appropriate general ledger code and then enter the prior year balance.
         - Debit balances should be entered as unsigned amounts i.e. 10000.
         -Credit balances should be entered as negative amounts i.e. -10000.
  • At any time you may print or display these prior year figures.
  • Prior year general ledger balances will appear on the General Ledger Listing each month. They will also be part of the cumulative amounts, which will appear on your Balance Sheet.
  • Balances should agree with audited year-end figures. Once entered, they will not change unless you change them using this function.
  • Proof prior year amounts carefully to make certain that they are in balance and that they agree with previous year-end amounts.
  • If prior year amounts are not in balance, the General Ledger with Current Detail will fail to balance.
  • If corrections are identified when you proof these balances, you may look up and change amounts as appropriate. Continue this process until the amounts are in balance.
  • You will be blocked from entering PY GL balances to accounts 39700-39900 since there should never be opening balances to these accounts.
 
 
Operating Instructions 

To enter Prior Year G/L Balance amounts, Click on General Ledger, then select
Opening GL Balance.  All of your GL Codes will appear in the grid.  To make any changes, click on Edit.
 
          Edit: Click this button to change an existing prior year general ledger balance.
 
          Save Edit:  Click this button to save any changes you may have made.
 
          Print: Click this button to print a list of prior year general ledger balances.

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