Changes to your company file -- Start a New Fiscal Year

When you start a new fiscal year, your company file will be changed in the following ways:

1. The previous fiscal year's monthly totals for all accounts are changed to "last year" categories. If "last year" amounts already existed, those amounts are replaced.



2. All transactions are erased (purged), EXCEPT:

• Journal entries assigned to open invoices or sales or purchase orders aren't purged.

• Journal entries assigned to reimbursable expenses that haven't been reimbursed aren't purged.

• Unreconciled transactions in accounts that you reconcile aren't purged. (You indicate these accounts during the Start a New Fiscal Year process.)

• Contact log entries aren't purged.

• Any information dated in the new fiscal year isn't changed.

• Unprocessed electronic payment and undeposited funds transactions aren't purged. (You indicate that you wish to exclude these transactions during the Start a New Fiscal Year process.)

3. The balance of your current-year earnings account is transferred to your retained earnings account.



4. The balances of your income, cost of sales, expense, other income and other expense accounts are reset to zero.



5. If you wish, the new fiscal year can be changed so it ends in a different month than the previous fiscal year. (If you choose to make this change, check with an accountant about how to report information for a "short" fiscal year.)



6. If you wish, the new fiscal year can be changed so it contains 13 accounting periods. If your previous fiscal year used 13 periods but you didn't make any entries in the 13th period, you can also change your new fiscal year so it contains only 12 accounting periods

Step by step

• To close a fiscal year
• To make a backup
• To restore a backup