starting new year of accounts

[paul1966]

i will be starting a new tax year for my accounts from the 31 march. i use vtcashbook to keep records.when i come to start the new tax year is it just a matter of saving the present records for this year and starting a new record for next? does the account balance start from zero for the new year? might be silly questions but as you've guessed i'm no accountant.

 

[MyAccountantOnline]

Hi

VT unlike many packages has no special year-end procedures so you just carry on. It does what it needs to do itself. No need to set up and start again at all.

It might be wise to lock the previous period once you have completed it, but not essential. It just stops you accidentally posting items to the wrong year.

Nicola

 

[Jaykay]

You may wish to zero down all the income and expenditure figures so that you can start fresh for the new year.

The balance sheet items do not get zeroed down. The bank account, debtors and creditors and the assets etc do not change just because of the year end so they remain unchanged.

 

[MyAccountantOnline]

You may wish to zero down all the income and expenditure figures so that you can start fresh for the new year.

:|
No need at all on VT! It does it for you.

 

[Beadons]

Hi

VT unlike many packages has no special year-end procedures so you just carry on. It does what it needs to do itself. No need to set up and start again at all.

It might be wise to lock the previous period once you have completed it, but not essential. It just stops you accidentally posting items to the wrong year.

Nicola

Sorry to sound stupid but If you lock the previous period do you then have to manually enter info for new period or does this still carry over automatically?

Not sure I've worded that correctly but hopefully someone will know what I mean

 

[MyAccountantOnline]

Sorry to sound stupid but If you lock the previous period do you then have to manually enter info for new period or does this still carry over automatically?

Not sure I've worded that correctly but hopefully someone will know what I mean

Locking the previous period just stops you amending data you've entered already it doesnt effect the opening balances at all and you dont need to re-enter the figures yourself.