Here is an explanation about how to transfer accounts from the old fiscal year to the new fiscal year and creating the opening entry for the new year and transferring balances from the previous fiscal year to the new fiscal year.
Answer:
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Balances are transferred automatically in the system.
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When reviewing the trial balance for the new year, the previous balance appears as an opening balance for the new year.
Additional Notes:
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No manual action is needed to transfer balances; the system does this automatically.
