We have been running quickfile for several years now, and have never yet run a ‘Year End’ We simply report P&L for reporting periods and the BAlance sheet as at the required date.
If we run a ‘Year End’ will this purge old transactions and just leave balances, or joes it just lock them down.
If we do decide to run a year end now, would it be advisable, or necessary, to run year ends, for each of the accounting periods that we have used the system.
It is good idea to make sure year end adjustments are done in QF too before running year end routine for a particular year especially for ltd companies, balance sheet footing to match with statutory accounts assures opening balances are correct for next year plus makes life easy if have to see prior year data accuracy to match with stat accounts
At the moment, we are not incorporated, but this may change very soon. I want to ensure that everything is totally in order for this year end, even if that means trivial adjustments in earlier years, before we get into the statutory reporting discipline.
The question was more about the innards of Quickfile - given that we have never done a year end process, we have just reported on the accounting periods.
It keeps all transactions (sales, purchases, bank) but locks them read-only. Additionally there is some cleanup made on journal entries that aggregates Profit and Loss account etc.
You can undo Year End by deleting that journal entry and unlocking the period: Undo Year End
I think it would make sense to close these past years one-by-one because this will give you consistent history of year-to-year reports.