Closing the Previous Accounting Year

When you start a new fiscal period, you should prepare for your accountant by printing your financial statements. You will need to reconcile your bank, Account Receivable ledger and Account Payable ledger. In addition, a physical count of your Inventory is normally required.

Preparing these in advance will save your accountant's time and your money. When you give your accountant a copy of these documents and a copy of your General Ledger trial balance, be sure that no more postings are made prior to your fiscal year end. To ensure that this does not happen, go to the 'General Ledger' menu and 'Close Fiscal Period' (selection 7). You will be asked the date of the year end. This date can be changed later so that your accountant's adjusting entries can be made.

Remember that with Oneir Solutions there is no need to post entries. The program does this for you. Simply post the adjusting entries provided by your accountant.

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