How do I close the books at the end of the Fiscal Year?
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