Hi, How can we perform balance transfers from one account to another.
My client wants to retire the existing accounts and replace them with new accounts.
For Eg: Old Account ABC --> New Account 123 if $100 needs to be transferred.
| OLD ACCOUNT | NEW ACCOUNT | AMOUNT |
|---|---|---|
| ABC | 123 | 100 |
| DEF | 456 | 200 |
> We had suggested to transfer the balance of ABC to 123 before the year end closure by raising journal to debit ABC and credit 123, but they say the amount of ABC cannot be made zero due to some audit issues.
> If ABC has an balance of $100 in FY2020, can it be forwarded to 123 for period 0 of FY2021?
> Is it suggestible to perform this activity during the Year end or is there any better approach?
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