Manage accounting periods
An accounting period is the financial year in which all transactions take place between 2 specified dates, typically 12 months. When you reach the end of your accounting period, you will be prompted to close the year by running the year-end report.
This gives a retained profit (or loss) amount for the accounting period and allows for financial statements to be prepared from the bookkeeping records.
- Go to Settings. From Your Account, select Company Details (take me there in the app). (If you have turned on the new design, select your initials from the menu bar and select Company Details.)
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From the Accounting Period section, select Manage.
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Any existing periods are shown. Select the end date of your last period from the calendar, then select Add Period. We'll automatically create 12 new month periods as you need them. You can amend or create new periods by adjusting the end date.
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Select Save.