Period-end tasks

To close a financial year

Note: This task requires single-user access. See Single-user file locking for more information. (Accounting Plus only)

Note:  When your financial 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 Financial Year from the sub-menu that appears.



4. Click the Back Up 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 Financial Year)

Caution:  Make a backup before closing the financial year

5. Click the Continue button. Follow the instructions that appear on your computer screen.

Caution:  Financial years probably shouldn't be changed

Important: Keeping transactions and other entries from one financial year to another may impede system performance

6. After you start a new financial year, you should optimise and verify your company file.
   
   Optimising your company file reduces the file's size and makes your company file more efficient. [To optimise a company file (File menu)]
   
   The Verify Company File utility checks your company file for errors and ensures that your company file is in "healthy" working condition. [To verify your company file (File menu)]

Note:  Optimising and verifying may take a while

Related topics

• Closing a financial year and starting a new one
• How the company file changes when you Start a New Financial Year
• To optimise a company file (File menu)
• To make a backup
• To restore a backup
• To verify your company file (File menu)