How To: Verify Beginning Balances after opening new year

Product:  Clarus
Applies to:  All
Article Type:  Info 

During the process of opening the first period of a new year, the Clarus system creates beginning balances by taking the Ending Balance of each balance sheet account and ‘rolling’ them forward.  While it is assumed that this process creates an accurate set of Beginning Balances, it is a good idea to verify the balances by reviewing a General Ledger Trial Balance report.  Check the Beginning Balance to be sure it equals the previous period’s Ending Balance for all balance sheet accounts.  Of course they should always be equal and in most cases they are created correctly.  If not, please call BizNet support as soon as possible to correct the data.

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