Year-End Close
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      1. Learning
      2. Accounting Practices
      3. Year-End Close

      Close accounting periods 

      Overview: 

      • Learn how to close accounting periods 

      Why close accounting periods? 

      When you close accounting periods, the fiscal year ends and the periods in the year are marked as Closed and Date Locked. You cannot reopen the fiscal year or uncheck the Closed or Date Locked fields. 

      How to close accounting periods? 

      Here are steps to lock and ensure no further changes can be made to past accounting periods. This process enables you to close your fiscal year.  

      1. Search Accounting Periods on the top right-hand corner of the page. Select the related link.  
      2. The Accounting Periods list displays.  

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        1. You will find the columns, each containing relevant information: 
          1. Starting Date: This is the date the accounting period begins.  
          2. Name: This is the name of the accounting period.  
          3. New Fiscal Year: When you select the tick box, that’s the accounting period that starts a new fiscal year. 
          4. Closed: When you select the tick box, that’s the accounting period that belongs to a closed fiscal year.  
          5. Date Locked: When you select the tick box, the action prevents any changes or postings to the periods you’ve locked down.  
          6. Inventory Period Closed: When you select the tick box, the inventory period is closed, and no further changes can be made to it.  
        2. Select the accounting period to close by highlighting the row. 
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          1. Select Home. Then, select Close Year. 

        Note: If multiple fiscal years are open, the earliest one is automatically chosen to close. A message will indicate which year is closing and the results of the closure. 
      3. A message displays, requesting to confirm that you want to close the fiscal year.  
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        1. Select Yes to proceed.

        Note: The action closes the fiscal year with Closed and Date Locked fields selected for all periods.  
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      4. You’ve closed the accounting periods for the fiscal year end.  

       

      What’s next? 
      Now that you’ve closed the accounting periods for the fiscal year end, find out how to close income statement accounts.  

       

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