Step 1 - Check Your Financial Year

Before entering your opening balances journal into the general ledger, make sure that the general ledger is in the correct year. You can do this by clicking on the icon set period or clicking maintenance then set accounting period menu options. The year 1997 for example would represent the financial year 1997/98. Is the highlighted year correct?

If it isn't, you should "move forward" the year. This is also sometimes referred to as "rolling over". You can do this choosing the Maintenance|Database Maintenance|End of Year Close procedure. If your general ledger is empty, then this process will only take a few seconds or minutes. It is always a good idea to make a back-up of your data before you perform an end of period close procedure. This can be used as a safety net in case you accidentally move too many years forward! While CAPITAL will allow you to access and work in previous years, it will not allow you "roll" backwards to where you started.

Can I enter my opening balances in the last period of the previous year, and then run the end of year close procedure? Absolutely. Many accountants recommend this approach. After the end-of-year close procedure has been completed, the balances you entered in the last year will be moved forward into the new year into the first period, anyway.