Do this in a copy first. This new company has a short first year. So go into GL Setup and set you retain history to 0 and current period to 1

Then go into Fiscal Year setup and make 2018 end on 7/31, you’ll have to delete all future years and 5 periods.of 2018 to make YE on 7/31. Accept and recalculate. Then add 2019, it will start on 8/1/2018. Only needs to be one period , accept recalculate. Go into G/L option, set current period to last in 2018, period  7. Run period end. This will close expense to retained earnings and purge history. Then go back and fix your  calendars alway accepting the recalculate.Make 2018 start 1/1/2018, add 12 periods and so on.

Make sure to go back and set your retain history back in GL options when done.

Make sure you test in a copy of production.  That’s the approach I would take. 

New company code.  SVTRNA (utility) to bring in what you want from another company code (without bringing along history).  Do the opening GL entries manually.

The huge problem here is that we have already begun working in the new company in August. We weren't told until just last week that the income statement accounts needed to be zero as of 8/1.  So I'm not sure this will work, also you can't set retain history to 0. You can only set it to 1. I was also told by Sage support that if we change our fiscal years as such that our fiscal years will be permanently 'skewed' and 2019's fiscal year will actually end up being 2019, and 2019 will be 2020. He said if we didn't care about that then we could do that, but I think we do care about that.  

What is the SVTRNA utility?  Also, does it matter that we have already begun working in the new company?  We were only told about the need to have the income statement accounts needing to be at 0 last week.  The balance sheet accounts need to remain in tact..

SVTRNA is a utility to copy settings (AR/AP/IM) from one company code to another.  This is the fastest way to start fresh.  (Google can tell you more, and so can the Sage Knowledgebase).

When done, set your opening balances, then import your August activity to date.

You are kinda stuck then. Your best option would be to create a new company, when setting up the GL tell it to copy from live company.  Once this is done then use SVTRNA to being over AR, AP and Inventory.  You will need to re-enter the August transactions.

SVTRNA will NOT copy the GL.

My mistake... that is done with the GL setup wizard.

I think we are going to have to make entries as of 7/31 to zero out the accounts and put the balances into an offset expense account just to clear them and then close the period.  I'm not sure how else to do this without making days and days worth of work for myself. I was hopeful..I know I can use the GL allocation but it really just does the same thing as making an adjusting entry.  Sage support is still trying to figure out a best answer for me.  If they come up with something else I will post it here so you all will know their answer at the minimum.