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When you are ready to move into your new financial year, you do this through the Setup menu. You can open the new financial year, whether or not you have finalised the previous year end.
- Open the Setup menu and select 'Open/Close Account Periods'
- In order to activate the new year, you will firstly need to select the current year in the Year(s) box on the left hand side of the screen. This will then allow you to click on the 'Activate a new year' button.
- Click 'Yes' to the message asking if you want to extend the number of years that are available to the current business.
- Another message will appear saying:
'You may now need to extend your perpetual Enterprises to this new year'.
Click OK to this.
(See Creating Enterprises for a New Year >> for more information on how to do this)
The program allows you to have more than one year open at any time. It may be that you still have data entry to do in your previous year, for example Year End adjustments. If this is the case, leave the old period(s) open for as long as you need.
If you are happy that you have completed the previous year before activating the new one, you can close the periods by clicking in the 'Opened' column and making the blue tick into a red cross.
Please remember however, to leave 'Month 12' and the 'Year End Period' open until you have entered your first transaction into the new year.
It is good practice to close down all periods when you have finished with them because this prevents you from accidentally entering a transaction into the wrong financial year. They can be re-opened within the setup screen if necessary, but not by accident.
For more help on Business Manager call our Adviceline team on 01594 545022 or email us at support@farmplan.co.uk.
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