Task 6: Start a new fiscal year

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

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

■	entered all transactions and adjustments as instructed by your accountant

■	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:

■	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.

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

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

■	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. For more information, see Single-user file locking for special tasks.

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.

If you need help in these windows, click Help and choose Help for This Window.

Related topics

■	Task 7: Optimize and verify your company file

■	Purging information that is no longer needed