At the end of your financial year, there is a process that needs to be completed. This process "moves" all of your profit and loss from the year that is ending into a separate area of your accounts. Whilst you can do it manually, it's a laborious process. So we've put together a report that takes care of it all for you.
How to run the Year End
Simply go to Reports -> General Reports and select the Year End Process. Now you just need to follow the on-screen instructions.
The Year End process creates a Journal entry that essentially resets your profit and loss report. When you run this process the Journal entry will be shown on screen and you will have the option to tick the 'Exclude from P&L' tick box. By Default this box is ticked when you run a Year end. This makes sure that at the start of your next financial year you profit and loss codes are set to £0.00, and all previous years profit or loss is now moved to retained profits on your balance sheet. If this box is not ticked then when you next run your Profit and loss report all codes will show as they did for the previous financial year which would not be correct as the previous years profits have now been closed off.
Once you have navigated away from the Year end process screen you can view the journal entry created, under the Journals tab.