I am doing accounting for my husband' small company. This is my first year. I am wondering if anyone can give my some guidenence in how to close my fiscal year? I have general knowedge of accounting, but never did the whole process.

As I mentioned before, it is a small company dedicated to computer softwares solutions with few capital assets, no payroll.

Thanks

Hi Nati,

All you have to do is advance to the new year, the software will then automatically close your previous year.  Keep in mind that even though your previous year is technically closed, you can still post entries to it.  This means that you don't have to be completely finished with the previous year when you advance.   

Hi Nati:   What is said about advancing is true, but you might want to Go to File, choose Save a Copy and save you books at year end date to a different file on your computer before advancing to your new year.  This just gives me the option to "start over" if for some reason I wish I hadn't advanced to the new year.   This happens some times.  You should also do a backup of your books before advancing to the new year.   There are dozens of posts on the forum about going forward to a new year.  Go to the Search box and type in New Fiscal Year or Year End (something like that) and it will bring up lots of previous postings.   Rita

Thanks Rita and Nemanja for your reply.

 For sure, I will save a copy of my year end. Now, if I post something to the old year after closing it and starting to work in my new year, how is gonna affect my new year balances? It will automatically update new year files, or I will need to do some adjustements to the new year?

Thanks,

Nati

Hi again:   Read the postings for Year End Date in SA that has been going along on the forum at the same time as your questions.  It addresses the same issue.   After reading all of these things, if you have more questions, come back to the forum.   Rita