Closing Years and Periods

At the end of a fiscal year, there are a number of administrative tasks that you have to perform, like making sure all documents and journals are posted, making sure currency data are up-to-date, closing the books, and more. The actual tasks will depend your company.

The following table provides an overview of tasks that you typically perform to close a year and period.

To See
Specify system-wide and user-specific posting date ranges. Depending on your business needs, you may want to restrict user posting date ranges at the start of the period-end process or after it. How to: Specify Posting Periods
Get an overview of activities that are commonly performed at the end of a period, such as posting all documents and journals, or running account schedules. Closing Periods
Update currency exchange rates and adjust the exchange rates of posted customer, vendor, and bank account entries. How to: Update Currency Exchange Rates
Allocate costs and income among accounts and dimensions. Allocating Costs and Income
Prepare to report value-added tax amounts that you have collected for sales to the tax authorities' web service. How To: Report VAT to Tax Authorities
Print reports to verify general ledger, customer, vendor and bank account balances before closing a period. Preparing Pre-Closing Reports
Close accounting periods and fiscal year, transfer income statement balances to balance sheet accounts and post the year end closing entry. Closing Books
Print reports that can assist you in creating financial statements. Preparing Closing Statements

See Also

How to: Open a New Fiscal Year
Working with Dynamics 365