Closing a year end early and starting a new company with a new fiscal start date.

My normal year end is July 31st. I have just sold my company, (retirement!) (Company 1) and need to close the books for Company 1 on March 31st instead. Then I have to open a new company (Company 2) as of April 1st (NOT August 1st!) with the balance sheet of Company 1, including the employee and vendor records from Company 1. How do I do that?

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    Hi  ,

    Thanks for your question — and congratulations on your retirement! Blush

    Here’s how you can manage your early year-end and set up a new company file in Sage 50 Canada:

    Calendar spiral 1. Close your current company early (Company 1):
    You can adjust your fiscal year-end date by following this guide:
     Point right Change fiscal year-end date

    Outbox tray 2. Export key records for your new company (Company 2):
    You can export customers, vendors, employees, inventory, price lists, and projects from Company 1 using this article:
     Point right How to export and import records

    New 3. Create your new company with an April 1st fiscal start date:
     Point right Create a new company

    Bar chart 4. Enter opening balances into the new company using History Mode:
    Run the Trial Balance from Company 1 as of March 31st, then follow these steps to enter those balances in your new file:
     Point right Enter historical account balances

    Let us know how it goes or if you need help along the way. If this helps, please mark it as verified :)

    Wishing you all the best in this next chapter!