The Income / Expense Account transactions are reflected as nil
or zero balances for the new financial year (e.g. 1 March 2005 to 28 February
2006). The previous year (Last Year) figures for each of these accounts will
still be available as comparative figures for the (e.g. 1 March 2004 o 28
The Retained Earnings Account is increased in the new financial
year with the net profit of the previous year. If it were a net loss (where the
Expenses exceed the Income) the net loss would decrease the Retained Earnings
If you have not yet completed your final transactions
(corrections and adjustments, etc.) you may still post transactions to the
previous financial year. TurboCASH will display the following confirmation
message if you enter or post transactions, which contains dates for Last
You need to make absolutely sure that the dates for these
transactions are correct, since these transactions will definitely update the
transactions to the previous financial year. If you are sure, you may click on
the button. The transactions will be posted to the previous financial year
and your account balances will change.
If you click on the button, you may edit the batch and
change the dates to the new financial year (This Year).
Once your Financial Statements are finalised, you may to
restrict posting to the previous financial year. You may do this by clicking on
the Setup - System Parameters - Reporting Dates menu option and remove the tick in the "Post to last year"
field. Although you will not be able to post transactions to that financial
year, you may still generate reports. You may at any time select this field
again should you need to post to the previous financial