End-of-period procedures > Starting a new financial year > Task 6: Start a new financial year
Task 6: Start a new financial year
Before starting a new financial year, make sure you have:
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completed tasks 1–5 of the ‘Starting a new financial 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 the company file for the current year.
If you have done all of the above, you are now ready to start a new financial year.
When you start a new financial year:
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The previous financial 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, paycheque information and journal entries assigned to closed sales and closed purchases are kept or purged according to your selections in the Start a New Financial Year assistant.
To start a new financial year
caution : Single-user access required
[AccountEdge Network Edition users only] 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, choose Start a New Year, and then Start a New Financial Year. The Start a New Financial Year Assistant appears.
2
Follow the on-screen instructions.
If you need help in any of the windows, press the help icon in the window.
Related topics
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Task 7: Optimise and verify your company file
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Purging information that is no longer needed
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Starting a new financial year

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