Account Master - closing balances SOY transfer functionality

How does the closing balances SOY transfer work?

• Account Master

• Closing Balances

• SOY Transfer

• Closing Balance

• Year End Close

Balance sheet accounts have the closing balance option set to SOY Transfer.

Closing Balance - Directs the program in how to manage balance sheet accounts at year-end closing: zero-out, carry forward or soy transfer.

• If the value of the Account Type list is Balance, the default value is Carry, the field however can be updated to zero or soy transfer.

• When you select SOY Transfer, you must enter the account to which the balance is being transferred in the Reference Accounts boxes.

• During year end any amount on the original balance sheet account will be zeroed out and transferred to the account listed as the Reference account.