Forum Message

Resetting balances in new financial year

What do I need to do to finish the financial year. I would like all the old balances cleared down. The bank rec isn't correct so I've never used it as the last person made a hash of it.

I've changed that financial year date which hadn't been done for 2 years. I'd just like to leave everything clear for the new year.

Karen


Posted by Karen on May 24, 2011 1:50 PM BST

Hi Karen,

Once you have entered all the transactions for the financial year, click menu Setup > Financial Year > Start a new financial year. This will reset the balance of the Income and Expense accounts to zero.

However, the Asset, Liability and Equity balances will be carried forward by default. To reset the balance of these accounts (eg. Cheque Account) go to the Accounts list and double-click on the account row, then set the 'Opening Balance' as it should be at the start of your new financial year.

Regards,


Posted by Mark McLaren (Solar Accounts) on May 24, 2011 2:48 PM BST