how to reset account data yearly so the accounts are separated and start fresh each year

Koser: Can you please explain a little more as to what you mean by 'reset'? Doing a full reset of all accounts data, as George explained, would mean everything needs setting up again. However, doing that yearly for the same company or legal entity wouldn't make sense , unless I'm misunderstanding what you're trying to do.

Perhaps you're just after an annual 'close down' or 'year end' as some accounting packages call it. This means all your Profit and Loss accounts would be back to zero for the new year but your Balance Sheet accounts would carry on with the correct figures.

For example, your total Sales, Purchases and Overheads accounts would be zero again, but your bank balance account would remain (as you would want: your actual bank balance doesn't 'reset' to zero just because it's a new financial year.

I'm sure your accountant will be able to help you with this.

Unfortunately when resetting your account it will delete everything and set you back to the beginning as if it is a brand new account (this will include VAT and registration).

You don't need to re-register for VAT however, you do have to re-authorise Clear Books as your VAT return agent which I found to be a rather simple process.

I'm terribly sorry but unfortunately that isn't a feature of Clear Books. Because we only provide full account resets and backup restores, the only work around I can think of is maybe exporting the data that you need at the end of the year and then initiating a full account reset and then importing back that data.

I hope you find this helpful.