How to Close the Fiscal Year

At the end of your accounting year, you will need to close your accounting period to be ready for the next one.  Most companies would rely on their accountant to take this step for them. 

Before committing to a year end closing, make sure your accounting books are ready.  Close any sales tax period that may remain open inside of your accounting year.  You will also need to reconcile each month in your accounting year before closing.

Use Year-End Closing to perform the procedure. IT IS NOT POSSIBLE TO UNDO A YEAR-END CLOSING, so be cautious that you are really doing what you want.

Open the year end closing feature either by typing like "close" into the main search bar

or

proceed via Accounting -  - Close Fiscal Year