To close an accounting period

1. If you've received statements from your bank, use the Reconcile Accounts window to reconcile amounts in AccountEdge with the amounts on the statements.
2. Print a Trial Balance (Detail) Report for the period. Check to see whether the activity that appears in the report is what you expected; for example, zero amounts in accounts that usually have regular activity may indicate a problem.
3. If the information in the trial balance reports is acceptable, print the reports you want to keep as part of your permanent business records. Suggested reports include the balance sheet, profit and loss statement, Aged Payables Report, Aged Payables Report and all journal reports.
4. Make a backup of your company file. Clearly mark this backup and put it in storage as part of your permanent records.

Idea: Check your company file for errors before proceeding

To be completely sure that your company file is sound, we recommend that you use the AccountEdge data verification feature before you continue. You can check your data for errors during the backup process, if you wish.

5. Choose Preferences from the Setup menu to open the Preferences window.
6. Select the Security tab.
7. Change your selection in the Lock Periods list to the period you're closing.