Year-end Closing

To year-end the financial year, go to General Ledger > Processes >  Year-end Closing.

  1. For example, financial year is from 1 Jan. 2008 to 31 Dec. 2008 where the first month of year is set to 1 (Jan.) and the current fiscal year is set to 2008
  2. To year-end year 2008, to press “Process Closing” button. (“Process Closing” button only appear only if the current period is 12, otherwise go to Period Closing to close the period to 12)
  3. Then all the P&L accounts will be balanced to 0 and brought forward to the next year. To see the balance brought forward amount of all accounts, go to preview the trial balance by period report.
  4. The current fiscal year in the GL Setup tab page in Company Setup will be incremented by 1 year that is set to 2009 after year-end closing.
  5. You can undo Year-End Closing by go to General Ledger -> Processes -> Undo Period Closing.