It’s the year end again in your company and you are looking to close the fiscal year in Business Central. In this example, let’s explore how to and what conditions should be met.
It’s important to note that you can only have two fiscal years open at the same time. If you wish to open a third one – you would have to close the oldest one before that. To close a fiscal year, you must close the accounting periods within that year to ensure that G/L entries are not posted to that period anymore. Once the year is closed, you cannot reopen it, so make sure you are actually ready to do it. You may still post after the fiscal year closing but these entries would be marked as after year-end closing entries.
To close the year, make sure that: (1) all unposted journal lines for the year are posted or deleted; (2) all closing entries are right.
To close the year, you would have to perform the following:
- Open the search and enter “Accounting Periods”;
- On the Accounting Periods page choose Process;
- Click on Close Year. A message will popup asking whether you are sure to close the fiscal year.
If you would like to try closing the fiscal year yourself, apply for a 30-day trial here.