New Fiscal year Beginning balances

SUGGESTED

When creating a new Fiscal year, there is a prompt "Click Yes to the message "Beginning balances for the new Fiscal Year and ID will be calculated. Do you wish to proceed?". We are working in the final period (of the previous year) and the first period (of the current year). Is the beginning balance a running total? After clicking yes and Beginning balances are calculate, will the beginning balance of the current year be updated or recalculated as we continue to post in the final period (of previous year)?