Can I enter accounts for two years at a time?

It is usually necessary to continue making entries in the previous accounting year, even though you are now in your new accounting year. The reason for this is that there will always be a slight delay in administrative routines, i.e. goods that were delivered at the end of December are usually invoiced a few days into January, etc. Besides, you rarely post year end entries until a little into the following year but this should not prevent you from making daily entries and continuing as usual. You cannot risk having to postpone entries for the new accounting year until the previous year’s Year End is complete. In Mamut we solve this by changing the active accounting year in the Accounting settings or in Journal Entry. This allows more room for Year End, at the same time as entries for the current accounting year are not being ignored.

The accounting year is considered closed when all items are in place and the previous year's closing balance is transferred as the opening balance for the new accounting year. After Year End is complete, it is no longer possible to enter or amend entries for the previous year. Should anything appear that you want included in these accounts, your only option is to include it as a corrective entry in the current year’s accounts.

Partially close accounts is used in the time period following the beginning of a new accounting year and before the previous year has been closed (when the final Opening Balance has been transferred). Find out more about this in Partially Close Accounts.

Read more in Accounting Periods and Years to find out how the different modules determine the accounting year which a post is entered in.