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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 follow 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. Print the 'Beginning Balances' report and save a copy - optional, but recommended. 

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Reverse Year End Reverse Year End

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 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. This process of reversing a year-end close and re-closing can be run as many times as needed.

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