Year end closing balance and new year opening balance adjustment

Hi IFS community,

I am using IFS version 8.

I received an inquiry from our finance team regarding GL year end closing balance and opening year balance. Need your advice on below inquiry:

1. After transferring the year end closing balance (2023) to new year opening balance (2024), should there is a need to perform adjustment to year end closing balance (2023), will the adjustment made reflected automatically to the opening balance (2024)?
2. If the above is No, how should they complete their year end balance (2023) adjustment and make sure the opening balance (2024) is reflected correctly (after adjustment balance)

Thanks,

Mirza
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