New Implementation: In GL, Open New Financial Year before posting prior year balances

Summary:

Go Live Date for a new legal entity: MCB Leasing Ltd is expected for 01 July 2023.

Accounting Calendar for MCB Leasing is from July YYYY-1 to June YYYY+1, with 2 adjustment periods on 30 Sep YYYY-1 and 30 June YYYY+1.

MCB Leasing is planning to load closing GL Balances as at 30 June 2023 (will comprise of balance sheet items and P& L items).

As per understanding, when June-2023 will be closed, system will calculate Retained Earnings and the balance is carried forward as opening balance on 01 July 2023 in new FY.

The challenge is that balances for 30 June 2023 will not yet be ready for upload at Go Live Date: 01 July 2023.