I am doing the year-end roll over for the first time and unsure of the following here;
1. Understand I have to run F.07(for AP & AR) and F.16(for GL) to carry forward the balances to the next Fiscal Year but the question is when do I run this. We leave the AP/AR/GL open until the first week of April when we will finally close the ledgers for March month-end.
If I do this on 31st March, the balances of FY2011 will be carried forward to FY2012 say the balance on a GL account was £100,000 which got carried forward to FY2012. Postings on 02.04.2011 to the March period were £20,000 when the actual balance for upto March would be £120,000 but the carried forward balance to FY2012 was only £100,000.
Am I wrong in my logic or missing something ?
Please add your valuable thoughts to allow me understand this concept.