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xTuple ERP Reference Guide |
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xTuple ERP Reference Guide |
| 7.1. Fiscal Years | ||
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 | 7. Fiscal Calendar |  |
To access the master list of fiscal years, go to . The following screen will appear:
The system will automatically reset the beginning balances for revenue and expense accounts to $0 at the start of a new fiscal year.
The Fiscal Years screen displays information on all existing fiscal years, including fiscal year start date, fiscal year end date, and closed status.
The following buttons are unique to this screen:
Highlight a fiscal year and then select this button to close the fiscal year. The act of closing a fiscal year prompts the system to calculate retained earnings for the year. Once a fiscal year has been closed, the retained earnings account is subject to forward-updating just like any other general ledger account.
Highlight a fiscal year and then select this button to create a new fiscal year based on the original. When copying fiscal years in this way, all the underlying accounting periods for the year will also be copied and created.
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| 7. Fiscal Calendar |  | 7.1.1. Fiscal Year |