I just closed my financial year on 30 June 2015 and started new Fiscal year 2015-2016 on 1 July 2015.
I noticed that the closing balances as at 30 June 2015 for all Balance sheet and P&L accounts are brought forward into new Fiscal year as opening balance.
Except for Balance Sheet accounts, the opening balance for P&L accounts in new fiscal year supposed to be 0.
I also noted that in the new fiscal year Balance Sheet, the Retained earning are not automatically updated once the the financial year end closed.
- is there any setting to ensure opening balance of P&L accounts in new fiscal year are 0.
- for Retained earnings, can it be made automatically updated in new Fiscal year?
@ataslim07 you have to add a closing entry to clear all your P&L accounts before moving to a new year.
Thank you for your email.
I will take a look on it.
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