Task 6: Start a new fiscal year

End-of-period procedures > Starting a new fiscal year > Task 6: Start a new fiscal year

Task 6: Start a new fiscal year

Before starting a new fiscal year, make sure you have:

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completed steps 1–5 of the ‘Starting a new fiscal year’ procedure

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entered all transactions and adjustments as instructed by your accountant

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checked with your accountant to ensure no further entries are required in your company file for the current year.

When you start a new fiscal year:

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The previous fiscal year’s monthly totals for all accounts are changed to last year categories. If last year amounts already existed, those amounts will be replaced.

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The balance of your current-year earnings account is transferred to your retained earnings account.

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The balances of your income, cost of sales, expense, other income and other expense accounts are returned to zero.

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Closed sales, closed purchases, paycheck information, and journal entries assigned to closed sales and closed purchases, are kept or purged according to your selections in the Start a New Fiscal Year Assistant.

To start a new fiscal year

note : Single-user access

Please note that this task requires single-user access.

1

Go to the File menu and choose Start a New Year and then Start a New Fiscal Year. The Start a New Fiscal Year Assistant appears.

2

Follow the on-screen instructions.

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Task 7: Optimize and verify your company file

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Purging information that is no longer needed

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