Closing the year

Enter the new year's work into the next fiscal year: Once January 1st arrives, you'll be working in two years. Any activity for January will be entered into period 13, February into period 14, etc. Any adjustments or corrections to the prior year (the year your closing) will be added into period 1-12. You'll be entering work into both years until your ready to close your year. Once you have entered most of your daily work (Accounts Payable, Accounts Receivable, etc.) for the prior year you'll need to change the first day of your fiscal year to the current year instead of the prior year in accounting period preferences.