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The Financial Year window allows you to change your current financial year to the new financial year.
What
Is A Financial Year ?
The
Financial Year is the twelve month period that defines your
accounting year.
Starting
A New Year
This is something you should not do until you are sure that all entries to the old financial year have been posted to the cashbook, as once you advance the year, you will no longer be able to post to the old year.
For example, let's say that your year ends on December 31st 2001, but you know you have not yet entered everything into the year that you need to. You will be able to make entries in the new year for as long as you wish without advancing the year - you could get through to December 31st 2002 and still not have run the start new year process if you still have not made all the entries for the previous year.
Once you have finished making all entries for the old year, click
the Start New Year button to advance the year.
What
Happens When Starting A New Year ?
The financial year process does the following :
1) Prevents entries into the year just ended.
2) Removes the effect of the entries made in the year just ended upon the Income and Expense accounts.
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