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:
- Go to Accounting
- Select >Year End
- Click on the create a new icon
- 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.