Start a New Year, Right
For many customers, this is the time of year when you need to send your ‘books’ to your accountant. The books these days are electronic company data files that your accountant can audit because you can arrange for a Free Accountant Copy of AccountEdge for your accountant. You can also generate year-end reports and send those to your accountant.
Once end-of-year accounting entries are made to your file, either by you or your accountant, you can create a backup of the company file, and start a new fiscal year.
In addition to having a company file in the current fiscal year, some customers like to keep a copy of the prior fiscal year file. If you do this, be sure to set the prior fiscal year file to read-only, to prevent entry of unwanted transactions.
Many customers also purge old data from the current company file. Purging is the process of removing transactions dated prior to a date you specify. Purging makes a company file leaner, resulting in better performance when entering future transactions, and may allow you to remove old customer, vendor and employee card file entries. You can also remove disused items from inventory, as long as there are no quantity and values for the items.