Preliminary Year End

Start of new year

The first day of the new fiscal year. This date must be after the current start-of-year stored on the company record. All income statement account balances up to the day before this date are transferred to Retained Earnings via a General Journal entry.

Tip: Type d for today, m for start of month, a for start of year, or click the calendar button.

For each store, Quasar:

1. Reads the balance of every income statement account as of the day before the new year start.
2. Creates a General Journal entry on the start date that zeroes each income statement account and offsets the total to the store's Retained Earnings account.
3. Updates the store's start-of-year date and marks the prior year as not yet finalized.

If any store has a close date after the start-of-new-year date, the process is blocked with an error.