Can someone tell me what the procedure is for closing down the year end so the P&L balance gets shifted to the P&L Reserve on the balance sheet?

Thanks,
John

Hi John,

Once you have entered all transactions for the financial year click menu Setup > Financial Year > Start a new financial year. This will create an end-of-year transaction that resets the balance of the income and expense accounts to zero, and moves your profit to Retained Earnings.

Cheers

And if we need to make a correction to the previous year, is that possible?

To adjust previous year:

Go to "Set-up"
o Revert to Previous Year
Make the adjustment
o Start a new Financial Year