Carry forward to next year

How can I carry forward to new year? What should I do?

Manager does not actually require any action at the end of accounting periods. All your records will remain for as long as you use it. No summary accounts or closing entries are needed. To fit with typical expectations and produce common reports, however, you should do a couple things:

  1. On the Summary page, click the Set Period button at the top. Enter the start date of the new accounting period. Normally, leave the end date as “today.” Although Manager does not forget earlier entries, this has the effect of resetting all income and expense accounts to zero, just as though they had been closed out, as is done in other formal accounting systems. The advantage is that you can always go back and produce reports for earlier periods. Do nothing with permanent accounts, such as asset and liability accounts, so they carry forward automatically.

  2. In the Reports tab, create new reports for whichever types you use, such as the Profit and Loss Statement and the Balance Sheet. As you create them, enter the dates of the new accounting period. You can leave the earlier reports in place so you have convenient access to them. But you can always recreate them later, if necessary. In most cases, I create the new reports for the entire new year so I don’t need to edit the dates every time I want to look at one. (The heading will give the dates as the full year, even though no entries have been made past the current date.) Only if I needed to provide someone a formal report, such as when applying for a loan, would I edit the end date to something else.

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I have been wondering about this same topic too and my search led me hear .
My accounting background and knowledge is not so advanced I feel and I am still at the stage where I input the data and leave the rest to my accountant .
What I have been doing is not inputting any more data into the business for the 2019 year for example , then backing up and importing that business back in and renaming it 2020 year and continuing to input data into that . All of the historical data is there if I need it .
My question is will this create any problems for me going forward . ?

I think the recommendations are in this guide

First Steps

Summary Close an accounting period | Set lock date

However what you describe is also doing a backup of your Manager business at the end of a financial year and keeping a copy of the backup. A sensible addition in my opinion.

In general, no. But there is no need to backup, import, and rename. As @Patch said, backups are a good idea regardless. But your extra steps of importing and renaming just take you back to where you would be if you followed the steps in the Guide.

The question is what to do if your accountant wants to make a change. Answers will vary based on what she wants to do.

Thankyou …

Thankyou …