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What does the Reset for New Year option do?

April 26, 2017new year option reset

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What does the Reset for New Year option do?

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After all transactions and journal entries have been entered for the current year and all reports have been printed, this option is used to prepare your data file for the next year’s activities. There is an option when resetting that will allow you to move the ending trial balance to the beginning balance fields for the next year. This option would be selected if you are going to enter cash transactions so you can generate a general ledger.