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Updating Accounting Definitions

You must select either cash or accrual basis as your accounting method in the Company Information dialog box. You should select the same accounting method that you use for reporting your taxes. If you’re not sure which accounting method is correct for you, consult your accountant.

After closing the accounting year, the Next Year End date automatically updates. Also, each time you back up the company file, Brass Jacks Bookkeeper changes the date in the Last Backup On box. You can’t edit the year-end or backup date in this dialog box.

To update accounting definitions:

1. Click Company Setup in the Company section of the task bar on the right.
2. In the Company Information dialog box, if necessary, click the Additional tab.  
3. In the Accounting Methods list, specify either Cash Basis or Accrual Basis based on your accountant's advice.
4. To save the updated information without closing the dialog box, click Save.
5. When you are finished updating information in the Company Information dialog box, click OK.