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 basic information settings 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
- Use the Balance Sheet to view Retained Earnings which display previous period earnings
- Export your accounting reports periodically to save offline copies to use for comparison