Closing the Fiscal Year

Once all fiscal periods within the fiscal year are closed, the Fiscal Year record is automatically marked as closed.

An image of the Fiscal Years menu option, highlighting the Closed column.

Note: New batches cannot be created in closed fiscal years.

The Closed status is reflected on the Overview tab of the Fiscal Year record.

An image of the Fiscal Year, highlighting the Closed status.

Note: Once a fiscal year is closed, it cannot be re-opened.

Best Practices After Closing the Fiscal Year

  1. Run the Accounting Ledger Summary report for the whole year. This report is located in the Accounting App > Reports feature.

  2. Create your next fiscal year and divide that year into the appropriate fiscal periods. See article on: Setting up a Fiscal Year for more details.