Re year end - can I keep adding to the new year without locking down last year?

[SUMMIT]

Can I continue to add transactiions etc for the new tax year before I run the year end tool for the old? I have spent quite a while searching through the database for an answer and I dont want to assume that I can just carry on with this system without clarification.

Thanks in advance

[QFMathew]

Hi @SUMMIT

Of course!

All the year end does is it will create a lock on the account on the last day of that year which prevents you adding any data to that year. It will also create a year end journal (although this may need to be finalised by your accountant).

So you can carry on as normal, and when you’re ready just run the tool to lock down that financial year.

Hope that helps!

[SUMMIT]

Thanks for the clarification, I was just blithely carrying on when I suddenly thought 'what if… ’ lol.

[ian_roberts]

Definitely, yes, it’s generally a month or more after the end of the year before I’ve got all the purchases entered, Jan-March VAT return submitted, etc. Then I give the provisional figures to my accountant to do the proper accounts and tax returns, and I only put in the year-end journal on QuickFile once I’ve got all that back and can enter things like asset depreciation.