When you start a new fiscal year for your company, several automated tasks are performed to prepare your books for the new year. Before you roll into a new year, it is a good idea to read about year end and ensure that you have performed all of the necessary bookkeeping.
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 is assigned to the day after the previous year's Fiscal End, and the new Fiscal End date comes 12 months after the new Fiscal Start date.