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Thank you for sharing your experience. I have also encountered a similar problem and would like to know how this can be done most efficiently. I imagine it can be quite tricky, especially if you have a lot of transactions and need to close several fiscal years. Maybe someone knows some tips or best practices to make this easier and safer? I would appreciate any information or advice.
HI RexWescott
Thank you for your post.
Closing a financial year in your AccountRight company file is a regular task that does need to be completed. This task can be completed anytime, however, we do recommend speaking to your accounting advisor as there may be year-end adjustment transactions and potentially other end of year tasks that my need to be completed before that closing year.
You don't need to close your financial year at any particular time, if you're not ready you can continue to work in your file. You can transact in a closed financial year, this Help Article has detailed information: Transacting in closed financial years.
You can check what financial year your company file is in. Setup>> Company Information >>Current Financial Year lists the current financial year of the file. A financial year can be closed in AccountRight using the File>>Close the Financial Year option and following the Close a Financial Year Assistant. We do recommend ensuring that you have a backup of the Company file prior to closing the financial year.
Let me know how you go and if you still need further assistance with this. I'm happy to assist you.
If my response has answered your inquiry please click "Accept as Solution" to assist other users find this information.
Cheers,
Cel
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