Do you know best practices to start the new year strong in Forest?
Beginning a New Year – Strong accounting systems like Forest take specific steps to properly end one financial year and to begin a new year.
To create the new year in Forest:
- Close ForestEnter completely.
2. Launch the ForestView from your browser.
3. Select Entities in the Menu bar.
4. Select Entity Management in the left-hand navigation. This screen appears:
5. Select the second icon (calendar) under the Task column for the entity where you wish to begin the new year. This screen appears:
6. Leave the option set to Begin a New Year.
7. Select how you want to handle Budget amounts in the new year.
8. Make no selection in the Retained Earnings option. This causes the amount of prior year net income to be posted to the NET WORTH-Beginning section of the balance sheet. (Note: In future versions of Forest we will be adding capabilities to post prior year earnings to various equity accounts.)
9. Select Begin a New Year. The system expands the files to provide for the new year.
You can now open this entity in Forest Enter and begin to enter transactions for the new year. Restarting Forest Enter will be necessary if you had it open when you created the new year.