POST BALANCES FORWARD

 

 

 

 

DESCRIPTION:  Post Balances Forward is the process of closing your current fiscal year and opening a new fiscal year.  This should only be done after all the adjustments from your auditor have been made.  To close a fiscal year, Pro Fund Accounting will take the expense from each fund, add them together, and post an off-setting entry for each fund to the fund's closing expense account number.  Likewise, Pro Fund Accounting will add up all the revenue for each fund and post an off-setting entry to the fund's revenue closing account number.  Then, Pro Fund Accounting will take the difference between the total expense and total revenue for each fund and post that to the fund balance account number.  All of the funds will be posted to a single journal with a source of entry of CE and dated for the last day of your current fiscal year.  For each fund, asset, liability, equity, or fund balance number, the ending balance will be brought forward into the new fiscal year.  All of the funds will be posted to a single journal with a source of entry of BF and dated for the first day of your new fiscal year.  For this to work correctly, all funds need to have a closing revenue, a closing expense, and a fund balance account number specified in the fund set up.

 

 

 

To access:  Click on the General Ledger module  then click the Post Balances Forward menu item.   

 

The following window will appear:

 

 

 

Enter the Previous Year Start Date (fiscal start date) and the New Year Effective Date (New Year's fiscal start date) by either typing in the date into the field or by using the Calendar button.  Click the OK button to start the balance forwarding process.  A window will appear displaying journal number for the closing entry amounts.  Click OK to confirm.  Another window will appear displaying the journal number for the balance forward amounts.  Click OK to confirm.  Another window will appear displaying the total number of entries for the closing entries and for the balance forward entries.  Click OK.  Pro Fund Accounting will automatically exit back to the main window.

 

Error Messages

During the balance forward process, if the program runs into account numbers with errors or problems, it will display error windows telling you the account number and what’s missing. Click OK and a screen will be displayed where you can fill in the missing information.

 

Missing Valid Account Type

The error window is telling you that the account number is missing an account type.

Valid account types are:

A (Assets)                                   L (Liabilities)

E (Equity)                                    F (Fund Balance)

R (Revenue)                                X (Expenses)

 

Missing GL Acct Entry

The error window is telling you that the account number does not exist in Account Maintenance.