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After doing the year end closing balance is not carry forward to opening balance in current year

Dear Team,

As per the process, Only Assets and Liabilities will be carry forwarded to next year opening balance, incomes and Expenses will not be carry forwarded, because incomes or expenses are meant for that financial year alone.

For your doubts and clarifications in year end process, Please refer this link. So you can easily understand why expenses are not carry forwarded to next year,
:
http://www.wikihow.com/Accrue-an-Expense


Process explained with Screenshot:













Check List:


Check if that reported ledger lies under any Expenses or Incomes group, these entries will not carry forward to next year opening balance. Even If it is asset or liability ledger and balance is not carry forwarded means check this kbase for further reference
(http://kbase.gofrugal.com/index.php?a=1351)


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