Year-End

[dhart999]

I am a new user of Peachtree Accounting and am not familiar with the year-end procedure. I would appreciate any help as to the proper procedure to clear out year-end. Thanks! Doreen

[Kerriberry]

Peachtree does the year end close itself. When you setup the company, you stated the year end - calendar year or defined the fiscal year end. PCA allows 24 periods to be accessible at all times. Meaning at the end of your 1st fiscal year (Period 12) there are no physical steps that need to be done to "close" your books. PCA automatically closes out all income/expense accounts to the account you defined as Retained Earnings. (Check Maintain/Default Info/General Ledger to verify your Retained Earnings account number.) However, when you reach Period 24 you will need to actually "close" the fiscal year. This is done thru Tasks/System/Close Fiscal Year - follow instructions in PCA users guide.

Hope this helps!!!

[Unregistered]

Thanks for the information. This helped alot! So, once you enter the third fiscal year (say 2002), then I would have to manually go in and close out fiscal year 2000, correct?

[Kerriberry]

Peachtree will not allow you to go into the next period (you'd think it would be Period 25 - but there is no such period) until you go thru the System/Close Fiscal Year. Its not a difficult process but do make certain that there's a good backup prior to closing. The users manual walks you thru the Fiscal YE close.