The Start a New Fiscal Year windows allow you to complete the necessary steps to close the previous fiscal year and begin the next fiscal year. Eight windows guide you through the process of starting a new fiscal year.
In this window, you'll indicate whether you want to keep closed transactions and other entries, such as, contact logs, from prior fiscal years. You will be able to view but not edit these transactions.
When you mark the Keep Closed Transactions from Prior Fiscal Years selection, a drop-down list of available fiscal years appears.
Note: An example of a closed transaction is a sale or purchase that is fully paid. A sale or purchase with a balance due is an open transaction.
Important: Keeping transactions and other entries from one fiscal year to another may impede system performance
Note: When your fiscal year should be closed
Caution: Make a backup before closing the fiscal year