GeorgeMe's avatar
3 months ago
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New

Opening Balances in General Ledger Report against Income and Expenditure Accounts?

In Business Pro, when generating the General Ledger report, income and expenditure accounts display opening balances from the previous financial year!  this is not correct accounting.  These balances should all be taken  to the retained earning account when the new financial year is created, thus starting the new financial year with a zero balance against all I&E accounts.   Whilst this does not impact on the P&L reports, it is confusing and contrary to accounting practice.

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