When your financial year should be closed

Accounting doesn't require that you close your financial year at any particular time. You can continue to use Accounting for up to 12 months after the last month of your current financial year without concern, since Accounting allows you to track information for the previous, current and next financial years. (If you don't close your financial year at the end of your current financial 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 financial year in the first month of the new financial year, but the choice is yours.

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