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.