How to: Fiscally Close Years
When a fiscal year is complete, you must fiscally close the periods that it comprises to make sure that no more general ledger entries can be posted.
Before fiscal closing is allowed the following must be done:
- The fiscal year has been closed first. For more information, see How to: Close Years.
- All journal lines that are not posted and all simulation entries for the year are either posted or deleted before the year is fiscally closed.
- All closing entries are up-to-date.
To fiscally close years
Choose the
icon, enter Accounting Periods, and then choose the relevant link.On the Navigate tab, in the Fiscal Closing group, choose the Fiscally Close Year check box.
If more than one fiscal year is not fiscally closed, the earliest one should be fiscally closed. A message appears that identifies the year that should be closed and explains the consequences of closing it.
To fiscally close the year, choose the Yes button.
When the fiscal year is fiscally closed, the Fiscally Closed field for all the periods in the year is selected. The fiscally closed year cannot be opened again, and you cannot clear the Fiscally Closed field.
General journal entries can still be posted as long as the Allow posting from and Allow posting to fields in the posting setup for the relevant users are within the posting date of the entry. Once posted, this will be tagged as prior-year entry on the general ledger entries.
See Also
Dynamics 365 Business Central
How to: Close Years
Year End Processes Overview
How to: Post the Year-End Closing Entry
Closing Years and Periods