You can complete your year end in four easy steps:
Open a new period for the new year.
Process your month end.
Password protect periods that need to remain open.
Run the year end journals.
Open a new period for the new year
To start your new year off, you firstly need to open a new period for the new year. To do this, follow our article on Period maintenance.
Process your month end
Before you can you complete your year end, you must finish your month end. If you require further support on completing this, follow our article on your month end checklist.
Password protect periods than need to remain open
You must password protect any period for the old year that you require to remain open. To do this:
Click Control then click Periods Control.
Select the relevant periods then click Password.
Select the necessary options then click OK.
Run the year end journals
You now need to run the year end journals program. To do this:
Check the Postings menu is not open before doing the next step.
Click Control then click Year End Journals.
Click Run.
This journals the end of year balance on the Revenue and Expense nominals to the Profit and Loss nominals and also creates brought forward balances for Asset and Liability nominals. These appear on the audit trail.
📌Note: Running year end journals doesn't close the year as you may want to post auditor adjustments and corrections at a later date. You can repeat this option at any time if adjustments are done at a later date.