Since books are not automatically closed at the end of each fiscal year, you can use the below options to manage your books:
- Set a Fiscal Year End in your My Company to get additional Date Range filters in your Reports (especially if you have a year-end date that is different from Dec 31)
- View the amounts for each fiscal period by running most Accounting Reports filtered to a specific Date Range, historical reports can also be run to view prior period amounts and to make adjustments any time
- Export your Accounting Reports periodically to save offline copies to use for comparison
- If needed, your Accountant can use Journal Entries to create Year-End Closing Adjustments to move amounts from your Revenue and Expense Accounts