When your fiscal year should be closed

Premier Accounting doesn't require that you close your fiscal year at any particular time. You can continue to use Premier Accounting for up to 12 months after the last month of your current fiscal year without concern, since Premier Accounting allows you to track information for the previous, current and next fiscal years. (If you don't close your fiscal year at the end of your current fiscal year, you won't be able to print current information on some reports, however.) In general, it's good business practice to close your previous fiscal year in the first month of the new fiscal year, but the choice is yours.

To learn the current fiscal year of your Premier Accounting company file, choose Company Information from the Setup menu. This window also displays the last Month in Fiscal Year, the number of Accounting Periods per year and the Conversion Month. The Conversion Month is the first month you started making entries in Premier Accounting.