Close Fiscal Accounting Year

Once all information has been entered for the fiscal accounting year, use this to close the fiscal accounting year. Once the fiscal accounting year is closed, you will not be able to make any entries in the G/L for that year. When the fiscal accounting year is closed, the system creates year-end closing entries to bring balances forward to the next year. These closing entries are calculated based on the type of accounts within the Chart of Accounts.

The closing entries zero out all of the income and expense accounts and post the amounts to the Retained Earnings account.

You should only have two fiscal accounting years open at a time. If there are more than two fiscal accounting years open at the same time, it will create imbalances in your Retained Earnings account.

The Fiscal Accounting Year can be re-opened if necessary.