How to automatically carry forward the previous year’s closing balances as next year’s opening balances?
As the financial year ends, you will have to carry forward the closing balances of your Assets, Liabilities, and Capital accounts to next year’s opening balances.
To do that, just go to Business Settings > Advanced Accounting Options > Sync Opening Balances Across FY > Configure:
Then select the next financial year from the dropdown and click “Sync Balances”:
( ⚠️Note: If you don’t see your next financial year in the drop-down, that means you don’t have any transactions recorded for the next financial year yet.
In this case, just create one accounting document (Invoice/Expense) or pass one journal entry for the new financial year. Once done, you will be able to see that in the dropdown.)
Once done, closing balances of your Assets, Liabilities, and Capital accounts will automatically carry forward to next year’s opening balances of the respective ledgers.
For Example, in the following ledger account, the closing balance of FY ‘24-’25 gets carried forward to FY ‘25-26 as the opening balance:
That's it! If you still have questions, drop an email to care@refrens.com OR message on live chat support for quick assistance!
To do that, just go to Business Settings > Advanced Accounting Options > Sync Opening Balances Across FY > Configure:
Then select the next financial year from the dropdown and click “Sync Balances”:
( ⚠️Note: If you don’t see your next financial year in the drop-down, that means you don’t have any transactions recorded for the next financial year yet.
In this case, just create one accounting document (Invoice/Expense) or pass one journal entry for the new financial year. Once done, you will be able to see that in the dropdown.)
Once done, closing balances of your Assets, Liabilities, and Capital accounts will automatically carry forward to next year’s opening balances of the respective ledgers.
For Example, in the following ledger account, the closing balance of FY ‘24-’25 gets carried forward to FY ‘25-26 as the opening balance:
That's it! If you still have questions, drop an email to care@refrens.com OR message on live chat support for quick assistance!
Updated on: 24/04/2025
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