When you set up a General Ledger system partway through a fiscal year, you must enter the transaction data for the current year to date, in addition to the closing balances from the previous year.
For ways to add the data,
This provides full detail (that is, a complete audit trail) for current-year transactions.
This provides full detail for current-period transactions, and creates accurate balances for previous periods in the current year. You can print comparative financial statements for all the current-year periods to date, and detailed audit trail reports for the current period.
This produces accurate balances for each account in each period of the current year, allowing you to print comparative financial statements. However, it does not provide transaction detail (such as date, reference code, and description) for the audit trail reports.
This is the quickest method, but it does not let you print financial statements for past periods in the current year and does not provide transaction detail for audit trail reports. Using this method, you would have to rely on your manually prepared financial statements for comparisons.
To add existing account balances and quantity data to a new general ledger, click this link.