Create a new company file for a new business year

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Anna & Val
Anna & Val Member Posts: 1
edited January 2020 in Reckon Accounts (Desktop)

I am using Reckon Accounts Plus 2014.  Would like to keep financial years separate.  Can anyone give detailed instructions and steps to set this up.  I understand about making a company back up file, but not sure about creating the new company file(?) for the new year and transferring the lists and the balances of each account over to the new year.  Thanks

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  • Charley
    Charley Member Posts: 547 ✭✭✭
    edited January 2020
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    That is NOT something that I would recommend. You can shut off a financial year by entering a 'closing date'. That way you can't easily go into the previous financial year and change things.

    This is something I do every year, I have to produce General Purpose Financial Reports (Accrual) that are audited every year so at EOFY the balance sheet must stay the same going forward.

    All my data files go back a number of years and each financial year balance sheet and P&L agrees with the Audited financials for that year.

    All you do is create massive amounts of work for yourself.

    If you need to further discuss you can call me on 0266834083

  • Charley
    Charley Member Posts: 547 ✭✭✭
    edited January 2020
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    And it's also good to have prior year transactions and reports for comparison