Period-end tasks

To close a fiscal year

Note:  When your fiscal year should be closed

  1. Enter all of the transactions in your company file that are required for the year that's ending. (Entering all information for the year you're closing)


  2. Print all the reports that you need to show the previous year's transaction activity. (Annual Reports)


  3. Choose Start a New Year from the File menu, and then choose Start a New Fiscal Year.


  4. 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. (How the company file changes when you Start a New Fiscal Year)


    Warning:  Make a backup before closing the fiscal year!
  1. Click the Continue button. 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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