A fiscal year is typically divided into 12 monthly fiscal periods. In Business Central , you can have two fiscal years open at the same time. You cannot create a third fiscal year if there are two fiscal years open.
To close a fiscal year, you must close the accounting periods within that year.
You can only reopen a closed accounting period if the period falls within an open fiscal year. For more information, see Close Years. You cannot reopen a closed fiscal year.
After a fiscal year is complete, you must close the accounting periods within that fiscal year. This is to ensure that general ledger entries are not posted for that period. For more information, see Fiscally Close Accounting Periods.
A fiscal year can be closed if all of the following criteria are met:
The posting dates on the User Setup page and the General Ledger Setup page do not fall within the year that you are closing. For more information, see User Setup and General Ledger Setup.
The fiscal year has been closed using the Close Year function on the Accounting Periods page. For more information, see Closing Years and Periods.
All the unposted journal lines for the year have been posted or deleted.
All closing entries are up to date.
When you close a fiscal period, the earliest open fiscal period is closed. The Allow Posting From field on the General Ledger Setup page is updated with the start date for the next open period, if the existing date in this field is not already a later date. If the Allow Posting To field on the General Ledger Setup page is within the closed period, then the value in the Allow Posting To field is updated with the end date for the first open fiscal period. For more information, see General Ledger Setup.
At the end of the year, you must do the following:
Post the Year-End Closing Entry
Fiscally Close Accounting Periods
Closing Years and Periods
Post the Year-End Closing Entry
Fiscally Close Years
Reopen Accounting Periods
Close Income Statement Accounts
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