DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

Cash on hand not going back to zero


#1

I just reset the dates for the start of the new financial year but the cash on had has not gone back to zero, just wondering how to reset it??


#2

Where did you set the start of the new financial year? On Summary tab by clicking on Customize button?

By the way, Cash on hand is an asset account. None of your assets (and liabilities) get wiped out just because new financial year has started.


#3

NFY is set for 01.07.2014, it’s just strange looking at the cash on hand when I know theirs not any!!!


#4

Then it means you haven’t recorded all transactions under Cash accounts tab.

Accounting is about recording all transactions across your accounts, if you would record all transaction, you would end up in Manager with the same as is your real balance. So go to Cash accounts tab, have a look at transactions and enter missing ones.

New financial year has no impact on balances of your asset and liability accounts because those are permanent accounts. New financial year resets your income and expense accounts only.