Please refer to the steps below for Year-end closing process. (some screen and button may not fit your version, but the wording should be same).

Step-by-step guide

  1. Check all Journals, Orders, Invoices section.
    Check all batches of General Journal, Payment Journal, Cash Receipt Journal, Purchase Journal, Item Journal, Phy. Inventory Journal, Recurring Journal, Sales Order, Sales Invoice, Purchase Order, Purchase Invoice etc., to ensure all entries of the current year is being posted.

  2. Close Accounting Period
    Search “Accounting Period”, then click “Close Year”.
    Be aware that once the Accounting Period is being closed, it CANNOT be re-opened.


  3. Close Income Statement
    Search “Close Income Statement”
    Then fill in the required information.


    • Financial Year Ending Date – Which is the closing date of your financial year.
    • Gen. Journal Template – Should always use GENERAL journal to book the year end closing entry.
    • Gen. Journal Batch – User can set up a new batch in General Journal, that only be used for year end closing.



    • Document No. – If user set no. series in the General Journal Batch, system will auto generate document no. However, if user wish to input Manual Document No., just leave the no. series field blank on the General Journal batch and manual input here.
    • Retained Earnings Acc. – Choose the Retained Earnings Account from the Chart of Account, in order for system to transfer P/L account figures for the year to Retained Earning Account.
    • Close by Business Unit Code / Dimension / Inventory Period Closed  - These do not apply to your company, just leave these blank are fine.

    After input the required fields, click “OK”. Then a pop up screen will appear. User can then go back to the General Journal and check the Year End Closing Entry.




    Then user should check the Year End Closing Entry generated by system. If the Entry is ok, click “Post”.

    After posting, all P/L accounts’ balance will then transfer to Retained Earning Account.



  4. Create New Financial Year
    Search “Account Period” and click “Create Year”.


    Input the required information, then click “OK”.

    Then a new financial year is created.



  5. No. Series (Not necessary)

    If the Company’s No. Series are being set on a yearly basis, remember to create new set of No. Series for the new Financial Year.

    For example: