A new set of periods will be generated for the following year, and the current 3 year window where processing is allowable will be moved forward.
- In Omni Version 7.4.47 and later:
The balances from the Profit and Loss Accounts will become zero and be “moved” to the Retained Income Account. NB. This is purely a calculation, no Profit & Loss Clearing transactions will post. No transactions will be deleted. All history will remain. The reports will calculate Retained Income according to the account set up as the Retained Income account in the Nominal Ledger Options.
- In Omni Version 7.4.44 and before:
Omni will post Profit & Loss Clearing transactions to all your Income/Profit & Loss accounts and the contra will be posted to your Retained Income account that you nominated in the Nominal Ledger Options. Balance Brought Forward transactions will be created for the balances for Balance Sheet accounts. All Nominal Ledger transactions for the previous year are deleted. Year ends are processed using this old version can never be reversed. Support was dropped for 7.4.44 many years ago though, so it is unlikely you will still be using this version.