12/27/2023 0 Comments Accountedge pro 2021Once this process completes, you will be unable to post transactions to the closed Fiscal Year. Make sure all entries have been made for the fiscal year about to be closed. Start a New Fiscal Year: What Will Happenīefore you begin this process it's important to understand what this process will do and how it will affect your financial data. This will not allow any changes to the data file prior to this ending date.Select the Security tab and mark the Lock Periods option.Go to the Setup menu from the Command Center and select Preferences.Display the report and be sure that the balances in each account correspond with the balances your accountant has.Select Customize and enter the dates of the financial year closing.Select the Accounts Tab and select the Trial Balance Summary report.When all adjustments are entered, go to the Index to Reports from the Reports Menu at the Command Center.Enter a debit and credit for each account being affected by the adjustment unless the adjustment involves the accounts receivable or payable accounts.Enter the final year-end adjusting entries, given to you by your accountant, by selecting the Record General Journal entry from the Accounts Command Center.Enter Adjusting Journal Entriesīefore you start a new fiscal year, you should enter your year-end adjustment journal entries. You can also view reports (such as P&L or Balance Sheet) for up to one year past your current fiscal year. You can continue to use your company file after the last month of your current fiscal year. You don’t need to close your fiscal year at any particular time. Once you start the new fiscal year you cannot make any changes to the closed year and you cannot undo the process. PLEASE NOTE: Before going through the Start a New Fiscal Year process make sure that you do not need to enter any transactions or make any changes in the year you are closing.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |