What is the Year End Cleardown?

A year end cleardown is similar to a period end cleardown. However, rather than creating summary transactions per period, they are produced for the last period of the cleardown year.

All of the balance transactions for each period of the year are rolled forward into a single set of balances. This includes balance transactions for previous years, not just for the year being cleared. These balances are the closing balances for the year being cleared down and become the opening balances for the following year.

Note: Open items are also cleared by a year cleardown.

Although it may seem appropriate to run a year cleardown when you reach the end of the last period of the year, you may want to retain the detailed transactions of certain accounts to run comparative reports with the following year. In this case, year cleardown should be run 'one year behind'.

To run a year end cleardown, use Ledger Cleardown (LCL). Select Action > Year and enter the parameters required.