You will find this function under Turnover/Year-end closing/Updating annual contributions. Pay particular attention to which account area you are in.

This function is basically the „predecessor“ of automatic contribution allocation. Nowadays, you can use the automatic contribution allocation to post items that are relevant for the current status of the persons. This saves a considerable amount of time: Automatic contribution allocation

In contrast, with the account update, you post all items with an annual status to the accounts that are exactly the same were in the respective accounts last year. All changes to memberships would have to be processed manually here. For this, the tick (2) in the image is responsible for this.

Point (1) is explained under Annual financial statements without updating accounts.