The beginning balances of accounts in General Ledger can be entered and locked as zero. Things to consider when locking beginning balances at zero:
 
  • This allows you to post activity to the General Ledger before entering beginning balances
     
  • Once locked, the only way to enter beginning balances is through a manual journal entry
     
  • Locking beginning balances is a one-time task and cannot be undone
     
  • If locked at zero, reports run for the fiscal year in which they were locked will show a beginning balances of zero
     
  • When locking at zero and manually journalizing beginning balances, the accounts should be locked in the fiscal year prior to the fiscal year in which you wish to see the journalized beginning balances.

    e.g. You need to see numbers for the beginning of fiscal year 2002. You would create a fiscal year 2001, lock the balances at zero, then journalize the beginning balances in 2001 fiscal year. Once all beginning balances are entered and verified close the 2001 fiscal year and the beginning balance will close into the proper fund balance accounts (as long as your fund closing methods are properly configured).



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