G/L Beginning Balances and Budgets Checklist

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G/L Beginning Balances and Budgets Checklist

ð Add/Edit Journal Entries - General Ledger Module >> Journal Entries Group >> Regular >> Enter/Edit
If you are entering beginning balances as of your fiscal year-end, entries will be made for all of Balance Sheet accounts except current earnings. If you are entering beginning balances at the end of an accounting period other than your fiscal year end, entries will include balances for all Balance Sheet and Operating Statement except current earnings. Beginning balances can be entered at any time but you will not be able to produce meaningful financial statements until they are complete.
ð Add/Edit Budgets - General Ledger Module >> Manage Accounts Group >> Enter/Edit Budgets Action
Budgets can be entered for any operating statement account for any time period. Budgets are not mandatory for every account. They can be set up at any time and do not have to be entered during the initial setup of the system.