If your new financial year starts on January 1st you will need to create this in your e-conomic agreement. You don’t have to close your current financial year in order to create a new one, and you can carry on posting to your old financial year, should you need to, while processing information in your new financial year.
As most of us would have had some time off over the festive period and if your financial yearend close is December 31st you may well be catching up with transactions relating to this period along with posting transactions for your new financial year, all this can be achieved making your life so much easier.
To create your new financial year:-
Settings (top right handside)
Select All Settings from the drop down
Finance (main menu option left hand side)
Select New Accounting Year
The system will automatically create a new financial year based on the same dates as your previous one:-
For more information on creating your new financial year and closing the old one take a look at our Help section :- Creating your new accounting year