How to Change a Fiscal Year Start in Simply Accounting
The start of the fiscal year can vary from one company to the next, so a user of the Simply Accounting financial software needs the flexibility to be able to adjust the fiscal year start date when setting up individual company files, as not all companies will have the same fiscal year beginning. You are free to change the start date before you have opened you company file, but afterward, the fiscal year start date it is fixed and cannot be adjusted.
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Instructions
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1
Open the "Maintenance Menu" from the Simply Accounting home window.
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Select "Start New Year."
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Choose the date you would like your fiscal year to begin. Simply Accounting will zero out all your revenue and expense accounts to begin the new fiscal year with a clean slate.
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Tips & Warnings
Prior fiscal year balances move to your Retained Earnings account. If you enter a new transaction, but that transaction took place in the previous fiscal year, simply back-date the transaction and Simply Accounting will update your prior-year reports.
