This article will demonstrate how to perform the Year End functionality within the system.
You will be navigating to Finance-> Accounting-> Year End
We will show you previous years that require closing and you will be able to select the year you are looking to close. A pop up will appear that will require you to make a note for your records and then you will be able to click 'close year';
The final result will be that the year will turn read to indicate it is closed;
You can also review year by clicking on the year that you just closed and you will be able to see an overview of what has been closed along with a journal view;
The amount that is shown on the review screen demonstrates the net income which was moved to “Retained Earnings” GL Account. You can click on Journal view for detailed information for those transactions.
You have the possibility to EXPORT and change the View from Account to Transaction within the Journal View.
Note: If you reopen financial months and add more manual transactions to the year which has been already closed, you can close it again and additional closing year financial transaction will be created and added to “Retained Earnings” GL Account.