The Year End Close off creates a Year End Journal which empties the P&L GL accounts back to zero and into Retained Earnings in a bulk journal. 

Any transaction posted subsequent to the Year End Close off into the Previous Financial Year will create its own Year End Journal. 

Best Practice Guideline assumes that (for an April balance date example):  

When you need to run your April P&L, you would have entered most of your March creditor invoices, the Bank Reconciliation will be complete, and almost all customer transactions done.   At that point closing off the year will post most of the Previous Financial Year's transactions into a single bulk journal. 

Continuing to enter transactions into the Previous Financial Year causes no problems. Just more Year End Journals. 

Can I undo it? 

No - the process is not reversible.   

If you are still in the process of entering data from 2 financial years ago, contact your Partner or Infusion Support to discuss the best path forward. 

Is any financial history purged when I close off? 

No -  unlike Infusion Desktop,  all financial history is retained in Infusion Online and you will be able to run all historical financial reports for all previous Financial Years. 

Can I complete my stocktake after year end close off? 

Yes. You can complete and post a stocktake and update the inventory valuation for the end of the Financial Year after Year End Close off. 

Can I post accountant's journals once they've completed year end after I've closed off the year? 

Yes. You can post financial journals into the previous financial year.  

Can I post a journal into the year before the previous financial year?

Yes.  Allow these in Financial Settings - it will need to be an Opening Journal. 

How does closing the year affect lockout dates?

It doesn't.  Lockout dates are still enforced no matter when the year is closed off.  You'll need to temporarily open the lockout dates to allow any adjustments to be posted into last year.