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1. Ensure you have already created the next Fiscal Year (see steps above). If not, the message "You must add a new Fiscal Year before you can close the current year." will be displayed when you 'Validate' the Year End Close.
2. Ensure any final adjusting entries are posted.
3. Ensure that the last period of the current Fiscal Year has been successfully closed. If not, follow the steps to complete the Month End tasks. 
4. Ensure that all your GL Accounts have the correct 'Posting Type' assigned (Balance Sheet vs. Income Statement). If not, correct them.
5. Optional (by , but recommended):
   1. Print the Trial Balance report and save a copy.
   2. Print the Customer Aging report and save a copy.
   3. Print the Vendor Aging report and save a copy.
   4. Print the Fisherman Aging report and save a copy (if applicable).
   5. Print the year-end Financial Statements Statements. 

Running the Year-End Close

Once all the items identified on the pre-close checklist have been completed, the Year End Close process year can be runclosed. To run the 'Year-End Close' process:

1. Navigate to the Fiscal Periods. Financial → Configuration → Fiscal Periods.
2. Click the Year-End icon in the header toolbar and select "Year-End Close" to open to 'Year-End Close' window.
3. When the 'Year-End Close' window opens, verify the following:
   1. The 'Retained Earnings Account' is correctly assigned. If not, add it.
   2. The year that you are closing is displayed , (but not editable, ) in the 'Close Fiscal Year' text box. If not, you need to add the next fiscal yearfollow the step in the "Create the next Fiscal Year" section of this article.
   3. The last date of the Fiscal Year you are closing is displayed, but not editable, in the 'Closing Date' text box.
4. Click the 'Validate' icon. If there are any errors, fix the issues identified and repeat steps 1-3. If there are no issues, the 'Validate' icon will change to a 'Process' icon. Click the 'Process' icon. 
5. You will see the message "The Year-End Close for [YearBeingClosed] has been successfully completed." 
6. Optional (by recommended): Print the 'Beginning Balances' report and save a copy - optional, but recommended. 

Reversing a Year-End Close

Reversing a Year-End close removes the Year-End Close journal entry and re-opens the Fiscal Year. If changes need to be made to a closed year, the 'Year End Close' for that year must can be reversed. Once the 'Year-End Reverse' has been run, the missing transactions/adjusting entries can be entered and posted, and the 'Year-End Close' process can be re-run. Reversing a Year-End close removes the Year-End Close journal entry and re-opens the Fiscal Year. This process This process of reversing a year-end close and re-closing can be run as many times as needed.

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