Sage Peachtree won’t permit you to leave open more than two fiscal years at a time. Once you’ve reached the last accounting period of your second fiscal year, you must close out the first fiscal year using the Year-End Wizard. Before you close out the year in Peachtree Accounting, however, confirm the accuracy of your transactions and make any necessary changes, log out any other users from the system and print out important reports or forms.
Select “Tasks” from the menu bar in Peachtree, point to “System” and then click “Year-End Wizard.”
Review the information listed in fiscal years and payroll tax years to verify the dates and then click “Next.”
Click “Fiscal and Payroll Tax Years,” “Fiscal Year” or “Payroll Tax Year,” according to your preferences, then click “Next.” You can only select the second or third option if your fiscal year did not take place over a calendar year.
Select the reports to print, if applicable, then click “Next.” Click “Internal Accounting Review,” if preferred, to perform an audit on your company’s data; if you select this option you’ll need to rerun the Year-End Wizard. To skip the audit, click “Next.”
Click “Back Up” to create a copy of your existing data. Select from the options whether to include the company name in the name of the backup file or add attachments to the backup.
Click “Back Up” again and enter a name for the file, or use the default. Browse to the location to which you want to write the backup and click “Save.”
Click “OK” to confirm and then click “Next.” Check “Archive Company” to create a read-only copy of your company’s data. The archive will allow you to view but not modify reports and transactions.
Enter a name for the archive, if preferred, and then click “Next.” Set the Display option to “Next Fiscal Year.”
Enter into the “To” field the end date for each fiscal period, if preferred, or use the default assignments. Click “Next.”
Review your selections on the Summary screen and then click “Next.” Check “Run Data Verification” and then click “Begin Close” to close out the year.
Click “Finish” on the Congratulations screen to complete the wizard