Closing the year

Once in the new fiscal year, you should run the Close Year tool as soon as you've made any remaining adjusting entries. Closing is performed by a special tool that prepares your database for the next year's accounting work. Closing the year does not delete job tickets, time sheets, accounts payable invoices, purchase orders, client invoices, payments, or checks in the checkbook. Instead, closing only resets the General Ledger.

-- You can't enter data into a year that is closed: Once an accounting year is closed, its journal entries are permanently purged in preparation for the new year. So you can't enter any last-minute entries into last year once it is closed. Any forgotten entries will have to be entered into the new accounting year as a beginning balance journal entry.

Closing the year takes all day (or all night), so don't start the process until you have free computer time. Remember, no one can use Clients & Profits while you're closing the year. (If they do, they'll lose their work.) You'll see an "ok" message when the year has been successfully closed. Once the year has been closed, you and your users can now enter work into the first year.