Creating a new year
Two options are available:
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Update forwards to year ended (tax year)
You can either extend the range of available tax years forwards from the year that is highlighted in the list by selecting this option or
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Update backwards to year ended (tax year)
Extend the range of available tax years backwards from the highlighted year by selecting this option.
Example:
If Mr. Abrahams had the tax year 2006 already established, you could choose to update the tax year forwards to 5th April 2007 or backwards to 5th April 2005, thus extending the range of available years (which are displayed in the Details for drop-down list).
Mark all income and expense details being updated as estimated - This option becomes available when you update to the current tax year. When you select this option, all updated details are marked as estimated and their icon in the navigator will display a small 'e'.
You may find this option makes identification of estimated figures easier when performing Current Year Computations for tax planning purposes. Figures updated without this option selected may still be marked as estimated, but each area must be marked manually.
After performing a Year Update for a client, the newly created tax year will be displayed automatically.
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