6.8 Closing the Year
Select the Close Year function by choosing the item of the same
name from the Utility menu. This function will net the closing
balances of all revenue and expense accounts into a closure account
specified in the Company dialog (select Company from the
Ledger menu), and then set the opening balances of all expense
and revenue accounts to zero. All transactions will be deleted.
Be certain that the proper closure account has been selected before
closing the year. It would be prudent to have a backup copy of the
company file made before this procedure is executed.