What Happens When I Update Income Statement Beginning Balances?

Some entities have a need to view General Ledger revenue and expense accounts from a life-to-date perspective for projects that span beyond the year-end. Organizations, especially those in the Public Sector, often set up multi-year projects in their General Ledger, usually represented by an Accounting Unit structure such as a Zone.

Update Income Statement Beg Bal (GL194), provides two methods to update beginning balances for income statement accounts:

1. System Data load method

   The "System Data" load method updates the beginning balances according to the organizational selection input with the offset going to a user-specified account. This offset account will typically be in the equity section of the balance sheet.

   In Update mode, the program will:

   • Copy the prior year ending balances for Amounts and Units for Chart Section 2 accounts to the Year specified in the Year Code or Year field.
   • Create a beginning balance in the account specified as the Offset Account. If not Zoned, the System Balance Sheet Accounting Unit will be used. If Zoned, the Zone Balance Sheet Accounting Units will be updated with the balancing offset amount. This applies to Amounts only, not Units.
   • The total amount (and units) from the applicable revenue and expense accounts will update the URE beginning balances.

2. External Data load method

   The "External Data" load method processes records loaded to GLMASTREL. No offset account is required since the user includes the offset in the GLMASTREL import.

   In Update mode, the program will:

   • Process all records for the Company from GLMASTREL.
   • The total amount (and units) from Chart Section 2 accounts will update the URE beginning balance.