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baldmountain50 · Mar 23, 2009, 09:32 AM

I am beginning accounting student. This is all Greek to me, MY major is English! Could someone please tell me what balances from the previous months Trial Balance sheet should be posted to set up the general ledger for the next month?

ROLCAM · Mar 24, 2009, 03:55 AM

This is usually a continuation process.
All ASSET and LIABILITIES and EQUTY
Accounts with a closing Balance,
Should feature as opening balances in the new period.
These are sometimes referred to as the
FOUNDATION BALANCES.

baldmountain50 · Mar 24, 2009, 07:08 AM

Thanks ROLCAM!!

pready · Mar 26, 2009, 12:23 PM

All of your accounts will transfer to the next month except when closing your books at the end of an accounting period, then the only accounts that transfer will be Balance sheet accounts, such as: Assets, Liabilities, and Owner Equity Accounts. Income Statement accounts will not transfer over at the end of an accounting period because they are zeroed out for the beginning of the next period by the use of the Income Summary Account.