Creating New Company in a Prior Year

Q:  I have a new write-up client that requires entries in multiple prior years. How do I create a new company so that I can make accounting entries for the year 2017?

A:  When you create a new company, ledger files will be created for the current year (identified by the system date) and the immediate prior year i.e. 2021, and 2020. If the new company requires multiple prior years, please follow the steps below.

Go to >File>Company Maintenance>Create New Company and follow the wizard to set up the company. After the company is created, you will be asked if you choose to add accounting packages at this time. Select No.

Now go to >File >Open Company and select the new company. Set the processing date to the prior year required (i.e. 2017). This step is critical!

Now if you go to >File>Company Maintenance>Create New Accounting Packages, the required prior year will be available in the drop-down box.