Period-end tasks
How the company file changes when you Start a New Fiscal Year
When you start a new fiscal year, your company file will be changed in the following ways:
- All transactions are erased (purged), EXCEPT:
- Journal entries assigned to open invoices.
- Unreconciled transactions in accounts that you reconcile. (You indicate these accounts during the Start a New Fiscal Year process.)
- Any information dated in the new fiscal year.
- Unprocessed undeposited funds transactions. (You indicate that you wish to exclude these transactions in Window # 4 of the Start a New Fiscal Year process.)
- All Audit Trail entries are purged, unless you unmark the Purge Audit Trail Entries selection in Window # 4 of the Start a New Fiscal Year process. (Changes and entries recorded by Audit Trail Tracking)
- 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.
- 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 reset to zero.
- 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.)
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