Task 6: Start a new fiscal year
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completed steps 1–5 of the ‘Starting a new fiscal year’ procedure
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checked with your accountant to ensure no further entries are required in your company file for the current year.
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The previous fiscal year’s monthly totals for all accounts are changed to last year categories. If last year amounts already existed, those amounts will be replaced.
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The balance of your current-year earnings account is transferred to your retained earnings account.
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The balances of your income, cost of sales, expense, other income and other expense accounts are returned to zero.
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Closed sales, closed purchases, paycheck information, and journal entries assigned to closed sales and closed purchases, are kept or purged according to your selections in the Start a New Fiscal Year Assistant.
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note : Single-user access
Please note that this task requires single-user access. For more information, see ‘Single-user file locking for special tasks’.
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Go to the File menu and choose Start a New Year and then Start a New Fiscal Year. The Start a New Fiscal Year Assistant appears.
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