Gyle explained how to start fresh with a new file.
Some folks also just archive a copy and keep going in the original file.
Others just 'close the books' and keep going in the original file.
Still others (I'm in this camp) just keep going in the original file.
Another consideration is to run and archive (such as with physical
paper, or PDF) copies of end of year reports. (Balance Sheet, Income
Statement, etc.) If you keep working in the same file, you might edit a
previous year transaction (which might be fine to do) and that would of
course change those reports. If it is important to you to have
'official' End of Year reports, then archiving a copy is a good
practice. Some folks do this and store them with an archived copy of the
book too.
Regards,
Adrien
On 1/9/24 1:14 PM, Grace wrote:
I am just wondering how folks are dealing with starting a new year?
Finishing 2023 I think is easy. You just stop using it.
However, how do I start 2024 with the finishing balances of 2023? Do I
have set up a brand new set of accounts, or is there a way of doing this
that I have not found?
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