We study the generalized Kahler-Ricci flow with initial data of symplectic type, and show that this condition is preserved. In the case of a Fano background with toric symmetry, we establish global existence of the normalized flow. We derive an extension of Perelmans entropy functional to this setting, which yields convergence of nonsingular solutions at infinity. Furthermore, we derive an extension of Mabuchis $K$-energy to this setting, which yields weak convergence of the flow.