Summary

The Refresh Beginning Balances feature (GL> Utilities> Refresh Beginning Balances) is used to update the beginning balances of the fund balance accounts in the current fiscal year after you have committed a batch or journal entry in a prior fiscal year. The beginning balances of asset and liability general ledger accounts update automatically as transactions are posted to previous fiscal years, so this process does affect those accounts.

When you roll the general ledger to a new fiscal year, the revenue and expense accounts are rolled into the fund balance accounts. If you create a journal entry in the previous fiscal year after rolling the general ledger into a new fiscal year, the beginning balances of the fund balance accounts in the current fiscal year will have to be refreshed to reflect the new transactions.

You can view the current beginning balance of a general ledger account in GL> Maintenance> Chart of Accounts> Balance tab> Beginning Balance field.

Step by Step

1     Open the Refresh Beginning Balances window (GL> Utilities> Refresh Beginning Balances).

2     Complete the Settings section.

• All fiscal years prior to the current fiscal year will display in the window. Modify the current fiscal year (SS> Utilities> System Setup> Organization tab> Fiscal Year field).
• Check the Start toggle next to the fiscal year where you would like the refresh beginning balance process to begin. The Refresh Beginning Balances process will begin at the fiscal year in the From column.
  • All Start toggles after the selected fiscal year will be checked. This means the beginning balance of all subsequent years will be refreshed. You cannot change the Start toggle selections so that only a single fiscal year in the past will have its balances refreshed.
• The Fund Balance column will display the fund balance account where the Refresh Beginning Balances process will begin.
  • The Fund Balance field will default to the first fund balance account from the chart of accounts.
    • The Fund Balance account is set up in SS> Utilities> System Setup> System tab> Balance field> Account Balance field.
  • Click the field search button to select a fund balance general ledger account from a list. This will open the Chart of Accounts Selection window. The window will only display fund balance general ledger accounts.
  • The general ledger account selected in this field will determine which fund account balances will be updated by the process. The Fund balance accounts of each fund that share the department and account number of the GL account selected in this field will be updated during this process.
    • If you select GL account 8-1-12500 in this field, fund balance accounts 1-1-12500, 2-1-12500, 3-1-12500, etc. will all be updated during this process. If a fund is missing the fund balance account then the transactions that occurred in the fund will not be updated.
  • When selecting a general ledger account from the list that opens when you click the search button, make sure that you are selecting a general ledger account in the correct fiscal year.
  • Make sure that the GL accounts that you selected in the Fund Balance Account field are set up as an account type that is a fund balance ALFRE type.
    • You can view the account type that a GL account is attached to in GL> Maintenance> Chart of Accounts> General tab> Account Type field.
    • You can view the ALFRE type of an account type in GL> Maintenance> Account Type> Fund Balance toggle.

3     Complete the refresh process.

• Click on the Submit button to refresh beginning balances.