Point of Sale & Business OperationsAccounting
Closing a Financial Year
Formally close out a financial year — a one-way action.
Closing a financial year cannot be undone — there's no "reopen" action. Make sure every journal entry for the period is posted and correct before closing, and don't close a year until you're genuinely finished with it.
Closing rolls the year's net result into the retained earnings account set when creating the financial year.