We will now take a look at how you can close your year.
Step 1: Finance--> Accounting--> Year End
Step 2: For example, click on Year 2014
Step 3: Fill in the necessary information and click Close Year
Step 4: Year is now closed
Step 5: You can also review year by clicking on the year that you just closed, shown in red
Step 6: You can review the year
Note: Amount that is shown on review screen demonstrates the net income which was moved to “Retained Earnings” GL Account. You can click on Journal view for detailed information for those transactions.
Step 7: You can see journal entries for closing year transaction
Note: If you reopen financial months and add more manual transactions to the year which has been already closed, you can close it again and additional closing year financial transaction will be created and added to “Retained Earnings” GL Account.