Services for year end in sage 50 us edition/ Peachtree accounting software.
As the New financial Year begins, we need to close previous to get the New Year started in Peachtree Accounting software.
In Sage 50 US Edition or Peachtree Accounting, we can work on only 2 financial year open at a time. So we can provide you Year End Services.
What happens after you finish your year-end activities?
1. Sage 50 Accounting automatically enters the balances from all revenue and expense accounts into the Retained Earnings account for the New Year. It also accumulates balance -forward amounts for projects and makes these balances available for your project reports.
2. The first time you enter a session date for a new fiscal year, Sage 50 Accounting automatically closes your revenue and expense accounts, moves their balances into the Retained Earnings account for the New Year, and sets their balances to zero.
3. When you advance into a new year, the Fiscal Start date of the company's new accounting year moves to the day after the current Fiscal End, and the next Fiscal End changes to 12 months after the new Fiscal Start date.
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