Journal Entry to load prior year monthly activity

Were the beginning balances just for the Balance Sheet accounts? Because if you are on a calendar fiscal year all the Income Statement accounts from December will roll up into Retained Earnings when you close December 2011. If you are not on a calendar fiscal, then you would need to re-create all the transactional data for December and then do a reversing General Journal Entry backing out your beginning balances. Seems like an awful lot of work, though.

Good luck!

Claudia

--- In vantage@yahoogroups.com, "nannerdevi" <nancydevillers@...> wrote:
>
> We went live 1/1/12, on 12/31/11 I did a journal entry for the 2011 trial balance to load beginning balalnces. Now I would like to go back and enter the monthly data for monthly financial statement comparisons. How do I do this without doubling up the income statement totals since I already entered the totals when I did my entire year TB?
>
We went live 1/1/12, on 12/31/11 I did a journal entry for the 2011 trial balance to load beginning balalnces. Now I would like to go back and enter the monthly data for monthly financial statement comparisons. How do I do this without doubling up the income statement totals since I already entered the totals when I did my entire year TB?