Hi,
I am not very familiar to accounts and I started to use manager for our own business. I have a question. For every FY, Do I need to create a new business file copy and continue the entries for the new FY? or I can just use only one business file copy and continue the entries for all FY. If I need to use only one business copy then is there any closing or cut-off process that I should run at the end of each FY.
Kindly advise. Thanks.
Manager doesn’t work with fixed accounting periods or financial years. When you create reports or view the summary you can set the reporting period yourself. You can choose any period you like.
If you want to close a certain accounting period yourself you have the option to enter a lock-date under settings.
If you are new to accounting or new to Manager, I would advise you to carefully read the guides. You can learn a lot there.
Read the Guide: Close an accounting period | Manager.