In the previous year balance, you can set the previous year’s balance for the selected cost center.
Updating the Previous Year Balance
To update the previous year balance, go to Financial Accounting > Cost Centers > Previous Year Balance, the previous year balance page is displayed.
Click on the Update button at the top of the page.
Cost Center Code: Select the desired cost center code from the drop-down list.
Account Code or Name: Enter the desired account code or name.
Search Results: The drop-down list shows the searched results.
Now, enter the previous year balance for the selected account.
Show All Accounts: Click on this button to see all the accounts and set their previous year balances.
Click on the Save button to save the information.