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    Close Off the Financial Year

    The Financial Year is Closed Off when all transactions for the preceding financial year have been entered

    On the first day of the new financial year a notification displays on the Home Page in readiness for Close Off. The Close Off can be carried out at any time. This allows opportunity for final invoices to be received and transactions to be completed.

    Whilst a previous Financial Year remains open, Balance Sheet reports for the current Financial Year are not able to be run. A notification displays to advise that Year End Processing is required, and this must be completed before the Balance Sheet can be reported.

    Complete the Close Off

    When you are ready to Close Off, go to the Home Page. On the notification message, choose Close Off.

    A window will appear asking you to confirm that there are no transactions earlier than the specified year start date that need to be entered. Select Confirm.

    The Close Off is processed and a confirmation notification displays. On completion:

    • Income and Expense accounts are reset to zero as at the start of the financial year.
    • Balances for the closed off year are transferred to the Retained Earnings GL Account.
    • Year End Adjustments are applied to accounts. The Retained Earning GL Account Enquiry - Transactions tab provides more detail on these adjustments.

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