Start New Financial Year

deep_six

Just wondering on how to start a new financial year, at the end of this month (for Australian users) we need to start a new year.

Wondering if this is automatic or do I need to do something.

Also wondering if anyone is operating with multiple currencies. I see in the instructions it says to set up multiple businesses but just wondering if anyone has experience with this

Thanks in advance

shogunswb

You should have your fiscal year end set in Preferences, Accounting & then it just rolls over.

deep_six

Thanks Shogun, just checked and it is set. Should be good to go

nan311

I have been looking at year end, and when I checked today it shows my year end as Dec 31 2021, does this mean that all my entries up to the end of Dec 2020 which have not been entered will be closed as soon as entries are started for Jan 2021? in other words will all the temporary accounts for revenue, expenses, gains and losses, begin with a 0 balance when end of Jan 2021 reports are run?