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End-of-period procedures > Starting a new financial year > Task 6: Start a new financial year
checked with your accountant to ensure no further entries are required in the company file for the current 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.
To start a new financial year
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.
If you need help in any of the windows, click Help and then choose Help for This Window.

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