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Good morning. I am currently finishing off entries for my 2016 fiscal year to get ready to send the file to our accountant. I'd like to start entering into the new 2017 fiscal year, which I will create using the Setup > Fiscal Years dialogue box. My question is, Will my 2017 account opening balances (e.g. inventory, bank balances, etc.) automatically update as entries are continued to be made into the 2016 fiscal year?
Just answered your question from the other posting you made, here's a copy/paste so everyone can see the answer!
Hi Linda!
All entries that you backdate to 2016, once you have created 2017, will move forward automatically for you. This was the main idea behind going to the multi-year format - it allows for seamless transition, and simplified journal entry posting from year to year. Once you create your 2017, feel free to move back and forth with your transaction entry. The system will move things forward as necessary.
I hope this helps!