To start using this method during midyear (if, for example, your fiscal year doesn’t go from January through December), archive your data file first.
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If you use online banking to update your credit accounts, creating a new year file removes all the transactions for previous years (including payee information).If you don’t reconcile your accounts regularly, creating a new year file won’t work well because your old transactions won’t be cleared.You won’t be able to use last year’s transactions in reports and graphs.We recommend this method only if your data files have become so large that making regular backups is inconvenient, or Quicken takes too long to load your data file because of the following disadvantages with this method: If you’re archiving an invoice/receivables account, Quicken retains all transactions that haven’t been completely paid off (such as unpaid invoices as well as invoices that were created prior to the date you specified but are linked to payments that fall within the new date range).
The transactions in your current data file then go back to no earlier than January 1 of this year (except for uncleared transactions and all investment transactions, which remain in your current data file). Creating a new year file saves a copy of your current data file and then removes transactions that are dated earlier than this year.The advantage of this method is that you can create reports and graphs that include several years’ worth of information. Your current file is untouched, and you can continue to use it. Archiving copies all your transactions that are dated earlier than this year and places them in a separate data file.With the Year-End Copy command, you can archive your Quicken data in one of two ways: In addition to making regular backups, many people are accustomed to organizing and storing their data files at the end of the year for safekeeping.
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