Starting a new year

[DaveC49]

>From an accounting perspective , the main function of the year end closing of
the accounts is to transfer the temporary income and expense account
balances to equity and rezero those temporary account balances for the next
period(not necessarily annually). For the permanent accounts ( asset,
liability and equity)  there is no need to do this as these accounts are
ongoing. If you are going to create a new file , then you will need to
reconcile and close your books in the old file before opening a new file so
you can carry forward the correct balances.



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