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Before closing a financial year, make sure you've:

  • entered all transactions and adjustments as instructed by your accountant
  • checked with your accountant to ensure no further entries are required in the company file for the current year.

If you've done all of the above, you're now ready to close the financial year. Note that you can’t enter new or edit existing transactions in a financial year once you've closed it.

When you close the financial year:

  • The monthly totals for all accounts are changed to last year categories. If last year amounts already existed, those amounts will be replaced.
  • The balance of your current-year earnings account is transferred to your retained earnings account.
  • The balances of your income, cost of sales, expense, other income and other expense accounts are returned to zero.

 

To close a financial year
  1. Go to the File menu and choose Close a Financial Year. The Close a Financial Year Assistant opens.

  2. Follow the on-screen instructions.

    Make a backup of your company file when prompted to do so.

    If you need help in any of the windows, click Help and then choose Help for This Window.

  FAQs


How do I change the last month of a financial year?

You can change the last month of your financial year when you close a financial year.

However, changing your last month will result in a shorter or longer current financial year (it's usually a six or eighteen month financial year depending on what month you're moving from and to). Check with your accountant about reporting requirements for a short or long financial year.

Also note that you only should change the month after the end of your financial year which you are moving to. For example, if you want to change from a July-June financial year to a January-/December financial year, you should change the last month after 31 December. Moving to the January-December financial year before the end of December will prevent you from being able to enter transactions until the start of the next year (that is, 1 January).

You can change the last month of your financial year by changing the Last month of the next financial year to your choosing.

Make a backup before you make this change.

 

        

 

      
Related topics

Closing a financial year

Closing a payroll year

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AccountRight
AccountRight 2017
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