Financial Year End Closing

Precondition

• Set up a new fiscal year

Once you set up fiscal year, you need to do following activities to close financial year,

• Close Financial Year
• Close Income Statement

Here are details for each activity.

Close Financial Year

1. Choose the search icon, enter Accounting Periods, and then choose the related link.
   
   
2. Go to Process then click on Close Year.
   
   
   
   
   
   
3. You will see confirmation window, Click Yes to proceed.
   
   
   
   

Close Income Statement

1. Choose the search icon, enter Close Income Statement, and then choose the related link.
   
   
   
   
   
   
2. Fill in desired fields like the screenshot below then click OK.
   
   
   
   
   
   
3. Click OK on the successful message.
   
   
   
   
   
   
4. Go to General Journals.
   
   
   
   
5. Check all journal entries and go to Post/Print and Post.