Close accounting periods
When a fiscal year is over, you must close the periods that comprise it.
To close accounting periods
Choose the
icon, enter Accounting Periods, and then choose the related link.On the Accounting Periods page, choose the Close Year action.
If more than one fiscal year is open, the earliest one is automatically selected to be closed. A message identifies the year that will close and the results of its closing.
To close the year, choose the Yes button.
The fiscal year is closed, and the Closed and Date Locked fields for all the periods in the year are selected. The fiscal year can't be opened again and you can't remove the check mark from the Closed or Date Locked fields.
Note
You can't close a fiscal year before you create a new one. Notice that after a fiscal year is closed, you can't change the starting date of the following fiscal year.
Although a fiscal year is closed, you can still post general ledger entries to it. When you do, the entries are marked as posted to a closed fiscal year and the Prior-Year Entry field is selected.
After a fiscal year is closed, you must close the income statement accounts and transfer the year's results to an account in the balance sheet. You can repeat this every time that you post to the closed fiscal year.
See also
Closing Books
Post the Year-End Closing Entry
Work with Accounting Periods and Fiscal Years
Work with Business Central