Do my customers’ balances get carry forwarded to the next financial year automatically? 

Yes, your customers’ balances will be carried over to the next financial year. To view a customer balance:

• Go to Sales in the left sidebar and select Customers.
• Select the customer for whom you wish to see the customer balance.
• Click the Statement tab and your customer’s balance amount will be shown in the Opening Balances field.

The balances will be taken to the next financial year automatically.