Smart Books
Close the year and carry balances forward
At year-end, move your closing balances into the new financial year so it starts from the right numbers.
Before you start
Who this is for
Owners and accountants finishing a financial year.
Before you start
- The new financial year added in Manage → Financial Years.
- The old year checked — bank matched and final entries posted.
Steps
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Step 1: Open Year-End Carry Forward
Open Operations and choose Year-End Carry Forward.
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Step 2: Pick the two years
Choose the Closing financial year and the Opening financial year.
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Step 3: Choose what to carry forward
Under Choose what to carry forward, pick the balances to bring across, and the Capital / reserves account that takes the year’s profit or loss.
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Step 4: Pick how opening balances are posted
Choose the Opening balance method your accountant prefers, then confirm.
What happens next
The new year opens with last year’s closing balances, and you can start entering this year’s sales and purchases.
Questions
Can I still change last year after carrying forward?
A closed year can be reopened by someone with permission, using Reopen archived year. Carry forward again after any change.
Ready? Try it now.
Open Smart Books in a new tab and follow along.
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