Task 5: Start a new financial year
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completed steps 1–5 of the Starting a new financial year procedure
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checked with your accountant to ensure no further entries are required in your company file for the current 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 and journal entries assigned to closed sales and closed purchases, are kept or purged according to your selections in the Start a New Flist Year Assistant.
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To start a new financial year
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Go to the File menu and choose Start a New Year and then Start a New Financial Year. The Start a New Financial Year Assistant appears.
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