Financial Year Closing

Financial Year Closing keeps a record of a year-end close: the year, the closing journal, the retained earnings account and account lines. Saving it posts nothing and changes no balance.

Where

General Ledger › Fiscal › Financial Year Closing

Who uses it

The chief accountant

When

After the last period of the year

Needs first

Financial Year

What it is for

The balance sheet does not need a closing entry: it shows the balance of every revenue and expense account under the Retained Earning Account set on General Ledger Setting. If the business wants a closing voucher in the books, post it on General Entry.

Every field in plain words

Field	What it means
Transaction	The number of the record. Required, unless a number range gives it
Transaction Journal, Journal Indicator, Posting Date, Posting Status	Recorded only
Financial Year, Financial Period	The year being closed. Recorded only
Retained Earing Account	Recorded only
End Financial Year, Financial Year From, Financial Year To	Recorded only
Account, Name, Local Debit Amount, Local Credit Amount (lines)	Typed by hand. Recorded only

If something looks wrong

• The Trial Balance did not change after saving. Correct: this screen posts nothing. See How do I close the financial year?.