When the entire accounting reports are prepared at the end of one accounting period, what do you do to prepare for the next accounting period? Keep using the existing accounts with whatever balance they show. Reset only the Balance Sheet accounts back to zero, move forward the balances of the income Statement accounts to the next accounting period. Reset only the Income Statement accounts back to zero, and move forward the balances of the Balance Sheet accounts to the next accounting period. Reset all the T-accounts back to zero to start a new accounting period