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Former Member
Jul 17, 2008 at 09:08 AM

Changes in prior years' balances effect on current opening balances

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Hi All,

At the time of Go-Live in 2006, opening balances of some of the GLs comprising of Current Assets, Fixed Assets, Ownersu2019 equity & Liability were not part of the Trial Balance. The debit & Credit total of these accounts is same.

If the opening balances are updated in 2008 (for 2006), whether the c/fd balances of 2006 & 2007 will get revised? What will be other effects (if any) on the GL balances?

Thanks a lot in advance.

Amish.