I come to the end of my first year using Manager Accounting.
I was reading here
Seems like all I really have to do is open a business in Manager Accounting. Then go to
Summary >> Set Period >> Set Period >> From
Change the date to my new start date. For me that means changing 1/1/2017 to 1/1/2018.
If my payroll would be weekly, I usually ought to make some entries to split the week between the old year and the new year. Looks like most people with weekly payroll won’t even need to do that this year because 1/1/2018 is Monday.
My payroll is monthly, so I don’t need to allocate payroll between old and new years.
I suppose there would be no need to archive the old 2017 year’s business file and start a 2018 business file. Maybe if I want to change the whole way I organize my accounts and business, I would need to start a new business file.
But then, reorganizing the new year without reorganizing prior years can often make difficult to compare financial statements from one year to the next.
I would guess that Manager Accounting automatically takes care of closing all the income and expense accounts into retained earnings. But seems I might optionally capitalize all or part of retained earnings into owner’s equity or treasury stock or something like that.
Am I on the right track? Or what kinds of things am I missing?