End-of-period procedures > Starting a new financial year > Task 6: Start a new financial year
Task 6: Start a new financial year
▪
|
completed tasks 1–5 of the Starting a new financial year procedure
|
▪
|
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.
▪
|
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.
|
▪
|
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, 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.
|
caution : Single-user access required
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.
|