Installing a new companies account balances

We are in the process of setting up a new company and the new users would like to import prior year GL balances. We have generated JE that reflect the end of month balances and have posted them WITH the reverse checked on. This works fine for Jan - Nov (our fiscal year is the calendar year). What do you do about Dec.? Should this be a reversing entry?

After the annual close the P&L will be in retained earnings and the balance sheet will be brought forward. should the balance sheet be reversed on Jan 1 prior to booking the Jan 31, (of the new year) trial balance?

Meg

V8.10
SQL Server
tools 8.96

Meg,
I think I might have approached this a little differently. You goal is to load the monthly activity into the monthly buckets of the F0902. Instead, it sounds like you're loading balances, then reversing them the next month. The end result is the same...it just requires an extra step. If, in fact, you are loading balances and not activity, I think you would reverse your December entry.

The year-end close process would not be reversed because it is not populating period buckets, but is populating the balance forward bucket.

I hope I haven't confused you too much. I think that is why I would load monthly activity and let the system take care of balances. It more direct and less confusing to my way of thinking.

I'm loading the end of month balance for GL accounts via a journal entry so i'm posting to the F0911 then the F0902. I decided to attack it this way:
a. months jan - nov have reversing entries.
b. month december doe not since the reversal would show up in the new year.
c. do an annual close.
d. create a reversing entry on 1/1/newyear for just the opening balances of the balance sheet accounts. this clears the balances, then
start over at "A" for the next year.

I suppose i could have just put them in the F0902 but there would be integrity issues.

Thanks for your feedback

Megster

Meg,
I can see I wasn't clear. I didn't mean to bypass the F0911. As you said, that would cause integrity issues. I would also use the journal entry the way you are. The only difference in my approach would be to journal entry each month's activity, rather than the balance. Then I wouldn't have to think too hard about where and when to do reversing entries because they wouldn't be necessary. Sorry for the confusion. Next time I'll have an extra cup of coffee before I try to type a response.

Hi Meg,

Just a couple of things. First, I agree with Janice that the standard way to do this is by entering NON reversing JE's for the month's activity. Second, there's an application specific forum in JDEList that would be better to post this because there you will get more responses from application support and implementation people versus more "techies" (not meant to slight anyone -- I love and need you guys!).

Frankly, not to belabor the point, but I'm sure you'll find over there that most people will agree with Janice also.

As a CPA, I agree with Steve's comments.