We study the generalized Kähler-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 Perelman's entropy functional to this setting, which yields convergence of nonsingular solutions at infinity. Furthermore, we derive an extension of Mabuchi's K-energy to this setting, which yields weak convergence of the flow.