Update Starting Balances will make changes to asset/liability accounts but any changes to income/expense accounts from the prior year will be reflected in Net Income/Prio Year accounts. Whenever you Begin a New Year or Update Starting balances, all income accounts are closed to that account.If you wish to make changes to the current year income accounts - do so through journal entries or;
To change the Net Income — Prior Years only in the new year:
1. Determine the dollar amount of the changes to the prior year's ending balances for each of the accounts affected including the change to the Accumulated Prior Year's NET INCOME screen amount.
2. Print the Balance Sheet - Starting Balances report.
3. Calculate the revised balances by applying the net change in an account to the balance on the report.
4. Select Accounts | Balances for Accounts.
5. Select the first account for which you need to change the beginning balance.
6. Enter the revised beginning balance in the Starting Balance field. Select OK to save the change.
7. Repeat the steps 5 -6 until you have changed all account starting balances you want to change.
- or -
Select Cancel to return to the FN desktop.
8. Select Accounts | Equity Name Changes. The Equity Name Changes screen appears.
Equity Name Changes screen
9. In the Accumulated-prior Year NET INCOME field, enter the adjusted amount of accumulated earnings as of the end of last year.
10. Select OK to save your changes and return to the FN desktop.
Navigator User Forums
UBBFriend: Email This Page to Someone! 
posted 10-17-2001 10:15 AM
