How to start a new fiscal year.

There are a few things you should check before you start a new fiscal year. It is best if you have entered all transactions for the current fiscal year before moving to the next fiscal year, but this is not always practical.

If you start the fiscal year before you close the prior year, and then go back to the prior year and add, delete or modify transactions, then you will need to update the starting balances in the new year.(see link below)

It is not necessary to wait for all of the transactions to clear the bank before changing the fiscal year. The system will take care of any outstanding transactions.

If you have In/Out accounts that that have not been zeroed out, or have Internal Accounts with negative balances, see the links below. You may need to make some adjustment entries before you close out the fiscal year and start the next year.

To start a new fiscal year:

  1. Find the Fiscal Year box in the upper left corner of the checkbook screen.
  2. Click on the right arrow button next to the current fiscal year.
    Change Fiscal Year
  3. A box will pop up asking if you are sure you want to start the new fiscal year. Click OK.
    Confirm Change Fiscal Year
  4. All of the Bank, Internal and Expense Accounts will be copied forward to the new year along with their corresponding Balances. (Bank and Internal Account ENDING balances from the prior Fiscal Year will become the STARTING balance for the New Fiscal Year)
  5. You are ready to begin posting transactions in the new year.

NOTE: The beginning of the new Fiscal Year is a great opportunity to restructure the list of Bank, Internal and Expense Accounts. Remove all obsolete or duplicate accounts and combine accounts when it makes sense. In general, these lists need to be as LEAN and RELEVANT as possible.