How to Create a New Fiscal Year Record

A description of the steps to take to start a new fiscal year   

At the start of a new fiscal year, you must create the starting point for the system:
 

1. Go to Accounting
2. Select >Year End
3. Click on the create a new icon
4. Take care with this window:
   • Enter the starting date of your new fiscal year - the system will default to the current date and you must change it
   • Select the GL for the retained earnings account
   • Select OK

A new year will be created and a window will open with the proposed adjustments to retained earnings for the previous year.  You may close the window without posting the proposed adjustments.
See also - Posting Retained Earnings at the close of a fiscal year.