Closing the Fiscal Year
Details how to close the Fiscal Year
Open the Close Fiscal Year Screen
Under Transactions > General Ledger, select the Close Fiscal Year option.
Enter Close Date
Enter the end date of the fiscal year into the Enter Close Date field.
Select An Account
Select an account for the Retained Earning Account field.
Create Journal Entry
Click on the Create Journal Entry button to close the fiscal year. This will generate a journal entry.
Post Journal Entry
Click on the Post Journal Entry button to finalize the closing of the fiscal year and create entries into the ledger.