How to complete a year end

Hi How do I complete a year end so that I can put new invoices and receipts on

In the olden days, you had a whole procedure to do year end. You had to close off accounts before you could start a new year. This was probably based on the fact that accounting used to be very paper based and it was thus necessary.

This kind of procedure is a: no longer relevant and b: is not how Manager works. You don’t have to close anything off anymore. You just simply click edit at the top of the summary page and show balances from your new year start date to today and the summary page will reflect the new financial year.

You can lock the previous financial year’s transactions, by going to settings, lock date, but I have never found the need to do this.

The main benefit of a perpetual system like Manager is that you can see all your previous years transactions, search them, clone them etc, but you are still able to view your current financial year’s status by editing the start date on the summary page.

This is explained in the Guides - as are most procedures in Manager

Please read this => Close an accounting period

Sorry, newbie here, but that is precisely what doesn’t seem to work.
I can edit in my Summary the date, but it still shows me for instance in Liabilities what my GST and PST was from the previous year. I am not really interested to see my GST and PST from last year, I want to see what I owe this year or period, not some other period.
What am I doing wrong then?

@Dutchie, you are not doing anything wrong. But you seem not to be aware that balance sheet accounts are what are known as permanent accounts. They carry forward from period to period. Only income and expense accounts start fresh with the new accounting period.

Your tax liability, for example, is not reduced because the year changed. It will be reduced when you record your payment.

Look at this from the other side. Would you want Accounts receivable to disappear on New Year’s Day? I doubt it, because that would erase everything your customers owed you at the end of last year.

If you want to look only at tax transactions for a given period, any of the tax reports in the Reports tab can be set for desired time periods.

Tut, thanks.
I see I only have to put in a payment for my GST and/or PST in order to get rid of it showing in the Summary then?

Yes, if that is what you owe. But you may have transactions already in the new period that you do not have to remit yet. So work from the tax reports, not the balance sheet.

Hi Tut,
Yes, thanks, I should have thought about that. My brain works a bit different then real bookkeepers I guess, lol.