Sage Simply Accounting keeps a seven-year record of your company's activity details. If you prefer, you can change your settings to clear your company records more often. It is a good idea to keep transaction details for at least one year.
The first time you enter a session date for a new fiscal year, Sage Simply Accounting automatically closes your revenue and expense accounts, moves their balances into the Retained Earnings account for the new year, and sets their balances to zero.
When you advance into a new year, the Fiscal Start date of the company's new accounting year moves to the day after the current Fiscal End, and the next Fiscal End changes to 12 months after the new Fiscal Start date.