Create New Year
This form:
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Creates and posts a batch of transactions to close income and expense accounts and enter the opening account balances for the new fiscal year.
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Opening balances for the new fiscal year for balance sheet and retained earnings accounts are the same as the previous year's closing balances.
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Income and expense accounts have opening balances of zero.
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Changes the current fiscal year to the next year.
For the steps to create a new year, click here.
Prior year posting
You may continue to post transactions to the year you have just closed.
Whenever you post to a closed year, the General Ledger will also create all appropriate closing entries to update retained earnings.
Retained earnings accounts
Each income/expense account is closed automatically to a retained earnings account at year end.
See also