When the current financial year comes to an end and the new financial year starts the user should set up fresh set of books for the new financial year in the following manner.
Changing the period by clicking or Alt+F2 key to the new financial year Eg.1.4.09 to 31.3.10 the system automatically does the following tasks.
1. Starts a fresh set of books
2. Carry forwards accounts balances for asset and liabilities account
3. Carry forward items stock.
The user need not create ledger a/c. stock items, or anything setup while closing the various features of Tally like cost centers multi currency. Multiple godowns etc. He can straight away the record the transactions using voucher entries. The user can jump from one accounting year to another simply by changing the period.
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