MultiLedger allows you to work three months into your new fiscal year before you have to close the year.
Before Closing the Year
- As a precaution, make two backups of your company files.
Before closing the year, you should make two backup copies of your company data files to protect your data from being lost. You can use the Backup Company command under the File menu (recommended) or you can use standard file copying techniques to make a copy of your company folder, which contains your data files. However, we may not be able to help you recover a backup that was made outside of the program. For details on backing up within the program, see the Tech Notes on “Backing Up Company Files” and Restoring a Backup.” Restore and open each backup company to ensure that each copy is usable.
- If you’re on a Mac (OS9 or earlier) and your company files are large, you may need to increase the Memory Requirements for MultiLedger before you close the year.
1. Make sure that MultiLedger is not open.
2. Click the MultiLedger application once to highlight it.
3. Choose Get Info from the File menu.
4. Increase the Minimum size and the Preferred size to between 2-4 MB (2048K-4096K).
5. Close the Get Info Window
To close the year, simply choose Close Year from the File menu, then follow the on-screen instructions.
After closing the year, asset, liability, and equity accounts (1000-3999 range) carry over to the new year. Income and Expense accounts (4000 and higher) zero out to the Retained Earnings (profit and loss) account assigned on the Interface Accounts window.