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1857472 - Opening Balance for Profit & Loss Account Shows as 0.00 Without Balance Carryforward Conducted


You are using the Trial Balance report on a monthly base to validate balance sheet G/L Account balances against profit and loss (P&L) accounts to decide on adjustment postings. After that you expect ending balances in the Trial Balance to tally. The approach works for all periods of the fiscal year so far. However, you notice that in the first period of the new fiscal year you do not see an opening balance for the relevant P&L account. This cannot be explained by transactions as recorded in the G/L Account - Line Items report for the relevant periods since a balance carryforward has not been conducted yet for the relevant fiscal year.

For example:
Transactions and balances of a balance sheet account (for example, deferred cost of goods sold) are compared and cleared against a P&L adjustment account. The column Opening Balance Company Currency for the P&L account shows a value of 0.00.



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opening balance company currency; trial balance; ending balance company currency; balance carryforward; bcf , KBA , balance carryforward , trial balance , opening balance , SRD-FIN-COR , Cost & Revenue , How To

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