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How do I create a new financial year?
The new financial year is required to record your actual transactions and should not be created until your new financial year has begun. The program will prompt you, while you are in the Transactions screen, to create the new financial year when it is required.
Tip: You are able to create budgets for future financial years without opening the new (transactional) financial year. Can two financial years be open at the same time?
Yes. In fact, for a short time, you will need to have two years open while you record your end of year transactions. These are transactions that are recorded in the first month(s) of the new financial year.
The items have a transaction date that matches the bank and are also allocated to the financial year they belong to.
Follow these steps to create a new financial year
Option One:
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Click File on the opening screen of your farm business.
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Select Year End.
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Select Create New Year.
- Select Yes.
Option Two:
Once the new financial year has begun, a prompt will appear in the Transaction screen.
- Select Yes.
Tip: If you accidentally create a new financial year early, contact our Support Team to remove it. Want to know more?
How to close a financial year
End of financial year checklist
How to record end of year transactions
How to reconcile a bank statement that falls over two financial years
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