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At the end of the fiscal year, you can run your financial reports and close all monthly and yearly transactions.


Make sure you run your reports before you close a period.

Close Fiscal Year

The Close Fiscal Year process closes the year's transactions. Before you run this process, print all year-end financial reports. The process does not delete transactions. You cannot edit transactions once you close the fiscal year. If you need to make a correction, you must reverse the transactions in the new period.

The process does the following:

  • Verifies the current month is the last month of this fiscal year. If this is true, the process closes it.
  • Posts the net profit or loss total to the retained earnings account for each set of books. It then adds the retained earnings to the prior year fund balance account. Finally, it sets the beginning balance of the retained earnings account to zero.
  • Updates the Actuals and Budget tabs in the Complete COA Detail window. Information from the oldest year on these tabs is deleted.
  • Sets the actuals total to zero for income and expense accounts. For assets and liabilities, the first month of the new fiscal year will have the ending balance from the prior year as the total.
  • Adds the prior year's ending balance to the first month of the new fiscal year in assets and liabilities accounts.
  • Advances the fiscal year in the Initial Setup window.

Useful Information

Back up your data before you close the fiscal year.

To close the fiscal year, click Processes on the main menu, then click Close Fiscal Year.

After you complete this process, you can enter transactions for the new fiscal year.