I am new to Epicor and was wondering if if there is a way to close out year end income (2024) to retained earning (2025), When i close the month of December does it automatically do this. I already transferred balances at the beginning of the year before i closed the period as i had left it open to do year-end entries. I am sure this is not proper procedure. I just received entries from our outside accountant for 2024, which i posted and now ready to officially close the year. Do i need to transfer balances again after i did my entry and closed the period?
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@Katktty981 Welcome. You can run transfer balances as needed. It did it once automatically when the first entry was made in the new year, but I don’t think it will auto transfer again.
From the help in Classic.
Transfer Balances Process
Transfer Balances Process
Use the Transfer Balances Process to transfer balances to the next year.
The Transfer Balances Process can be scheduled. After balances are transferred the first time, they are updated with each posted transaction or can be re-transferred at any time. This allows you to transfer balances to the next year before current year-end and to have next year opening balance early drafts. Then, you can transfer the final balances after all the previous year adjustments are complete.
Note: You may need to make a manual adjustment to correct the balances of prior years.
Use the Selection sheet to choose the parameters for the process. Use the Filter sheet(s) to select the specific records to include for the process. For more information, review the Filters Overview topic in the Application Help.
Important: For more information on how to review the status of any process that you run, review the System Monitor Overview topic in the Application Help.
Menu Path
Navigate to this program from the Main Menu:
- Financial Management > General Ledger > General Operations > Transfer Opening Balances to Next Year
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