The Set Beginning Balances Based on Prior Year report has been modified so that a printout is provided. Setting flags after review of the report will cause the beginning balance fields in the balance sheet account year master to update. Use of this report is controlled in the user’s security profile (normally the finance director as familiarity with the appropriate fund equity codes by fund is required). The fiscal year for which balances are being set must be active and not deleted. Since previously written beginning balances are replaced, this report can be run repeatedly as necessary (as accruals, auditor’s adjusting entries, etc. are entered for the prior year, ending balances change). The difference between expenditures (using expenditure control) and revenues (using revenue control) is updated to the fund balance equity code entered on the range screen. When the fund equity code is left blank, the standard Fund Balance-Unassigned balance sheet code will automatically be used. If you do not have that balance sheet code, it indicates that you have not implemented GASB 54 fund balance codes (FUND BALANCE-ASSIGNED, FUND BALANCE-COMMITTED, FUND BALANCE-RESTRICTED, FUND BALANCE-NONSPENDABLE, and FUND BALANCE-UNASSIGNED). If you do not have the standard Fund Balance-Unassigned code and you leave the fund equity code blank, an error will be reflected on the report advising you to stop and not set flags. Because different fund balance codes may be applicable to a fund, this report can be run multiple times, ranging on fund, when different fund balances codes are applicable. Should you wish to implement GASB 54, a consulting proposal can be sent to you.