Financial Year End

Essentially in Augtool you never need to do a financial year end because of the way that the balances of accounts roll over from one year to the next. 

All the balance sheet accounts automatically roll over from one year to the next. The income statement accounts automatically zero out at the end of the year. 

Due to the income statement clearing at the end of the year, we pull or create a calculated previous year retained earnings for the current year (which rolls from one year to the next). 

You can see below the two Calculated figures that will always be there. If you pass journals into the previous year for auditing purposes they will pull through automatically. We advise creating an Audit Journal Tag and Tag Group so that you can tag Audit journals and to easily find them in the future.