1. Please create a new accounting period by going to Accounting->Accounting Periods->New Accounting Period.
2. Enter the dates 1st April 2014 and 31st March 2015.
3. Upon creation of the accounting period, all the accounts / ledgers of last accounting period are automatically available in the new accounting period as well.
4. The opening balances for all the accounts in chart of accounts needs to be entered manually as and when the previous accounting period’s closing balances are ready.
5. The individual flat level ledgers and vendor ledgers are NOT impacted with this in any way. So, any outstanding balances on flats and vendors will continue to reflect as usual.