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Fiscal Year Closure

Warren Hamilton
Warren Hamilton
  • Updated

Close the fiscal year and accounting periods record for a specific business entity in the system. This sets the cut-off for all accounts and ending balances are finalised in the system.

 

 

Navigation

1. From the homepage, go to Finance module.

2. Navigate to the General Ledger and Accounting Period Reopening.

 

 

Guide

1. Click the Create New button.

2. Select the Business Entity and Fiscal year to Close from the list.

3. Once done, click the Submit for Approval button.

 

Notes:

  • The fiscal year for each business must be closed independently. This is usually done after a financial audit to prevent users from manipulating previous years' figures. 

 

 

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