When a fiscal year is over, you must close the periods that comprise it.
icon, enter Accounting Periods, and then choose the related link.On the Accounting Periods page, choose the Close Year action.
If more than one fiscal year is open, the earliest one is automatically selected to be closed. A message displays identifying the year that will close and the consequences of closing the year.
The fiscal year is closed, and the Closed and Date Locked fields for all the periods in the year are selected. The fiscal year cannot be opened again and you cannot remove the check mark from the Closed or Date Locked fields.
You cannot close a fiscal year before you create a new one. Notice that when a fiscal year has been closed, you cannot change the starting date of the following fiscal year.
Even though a fiscal year has been closed, you can still post general ledger entries to it. When you do this, the entries will be marked as posted to a closed fiscal year and the Prior-Year Entry field will be selected.
After a fiscal year is closed, you must close the income statement accounts and transfer the year's results to an account in the balance sheet. You can repeat this every time that you post to the closed fiscal year.
Closing Books
Post the Year-End Closing Entry
Open a New Fiscal Year
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