To close a fiscal year

Year-end tasks > Performing year-end tasks > Closing a fiscal year and starting a new one > Changes to your company file -- Start a New Fiscal Year >>

Please note that this task requires single-user access. See Single-user file locking for more information.

  1. Print all the reports that you need to show the previous year's transaction activity. You might consider printing a copy of each journal, because they show all transaction activity for a specified period.


  2. Choose Start a New Year from the File menu, and then choose Start a New Fiscal Year from the sub-menu that appears.


  3. Click the Backup button to make a backup of your company file. Clearly mark this backup and put it in storage as part of your permanent records. Click the Continue button.


Warning:  Make a backup before closing the fiscal year!

  1. Follow the instructions that appear on your computer screen.


Warning:  Fiscal years probably shouldn't be changed

  1. After you start a new fiscal year, you should optimize and verify your company file. Optimizing your company file reduces the file's size and makes your company file more efficient. The Verify Company File utility checks your company file for errors and ensures that your company file is in "healthy" working condition.


Note:  Optimizing and verifying may take a while

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