Year-end closing finalizes a fiscal year. It transfers the year’s net income into Retained Earnings so you can start the next year with a clean slate.
Review before closing
- From the Accounting menu, open Fiscal Periods.
- Open the year-end closing page for the yearly period.
- Review the period summary, the closing-readiness validation, and the list of monthly periods within the year.
Perform year-end closing
- From the year-end closing page, confirm and run the closing.
If closing succeeds, you return to the Fiscal Periods page with a confirmation that shows the net income transferred to Retained Earnings. If there are issues, the system lists what needs to be resolved first.
Warning: Year-end closing is a significant step that affects equity. Review the validation results carefully before you proceed.