What happens when you close financial year?

  • Thread starter Keith - Kelly Computer Services
  • Start date

K

Keith - Kelly Computer Services

Hi guys,

When you close a financial year, what is supposed to happen?

All that I seem to see is that any net income is moved to retained earnings.
Should anything else happen, or is that it? Oh, and reports can be
generated from financial years.

Should you start with a brand new year of accounts which is clean, or would
you still see all of last years activities etc?

Thanks.

Keith
 
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K

Keith - Kelly Computer Services

Hi Guys,

OK, reason for asking is that I entered 3 financial years worth of
accounting into 1 great big financial year by mistake, and tried to change
financial years within the software and it wouldn't let me, so I edited the
SQL databse which seems to have worked fine, I now have 3 different financial
tax years, and all reports work as normal. If I close a year I have retained
earning from THAT YEAR ONLY moved etc, and it all seems to work okay, but I
wanted to just make sure I'm not messing anything up, but fingers crossed it
all appears to be okay and working.

If anyone would like to know how I got around the financial year by editing
the SQL database, I will be more than happy to give instructions.

Thanks. Keith.
 
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K

KlockworkPC

Hi Keith,

I'm afraid I can't help you with your query but I am interested to
know how you modified the financial year.

Thanks in advance.

Jamie
 

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