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How do I create a New Year?

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Go to Transactions > Chart of Accounts > Cog Icon > New Year Setup

  1. Enter the next fiscal year in For Tax Year
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  1. Select YTD or Budget Figures, this defaults to Budget which is the most common practice.   
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  1. Enter Percent Increase to add a percentage increase to all budget items from the prior years budget.  This defaults to zero which is the most common practice.
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  1. Check Save Existing Budget to set budget to blank or save a budget that has already been created. Leave unchecked to copy the budget from the current year into the new year.
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  1. Check Use First Month for Budget to put the entire budget into one month instead of distributing over 12 months.  This  defaults to being checked as using First Month for Budget is the most common practice.
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  1. If any changes have been made to any account settings since the last time a New Year's Budget was created, check the appropriate boxes in Account Settings.
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  1. Under Notes dropdown there are options to copy Budget Note to Budget Note, Budget Note to Proposed, Proposed to Proposed, Proposed to Budget       Note. Budget amounts are not transferred with these settings.
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8. Click Run

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Go to System > System Utilities > New Year Setup

  1. Enter the next fiscal year in Create For Tax Year

  1. Select Use YTD or Budget Figures, this defaults to Budget which is the most common practice.   

  1. Enter Percent Increase to add a percentage increase to all budget items from the prior years budget.  This defaults to zero which is the most common practice.

  1. Check Save Existing Budget to set budget to blank or save a budget that has already been created. Leave unchecked to copy the budget from the current year into the new year.

  1. Check Use First Month for Budget to put the entire budget into one month instead of distributing over 12 months.  This  defaults to being checked as using First Month for Budget is the most common practice.

  1. If any changes have been made to any account settings since the last time a New Year's Budget was created, check the appropriate boxes in Account Settings.

  1. Click Run
Congratulations, you are done!
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