The Years tab of the General Ledger Setup window is used to create or modify each financial year period and corresponding monthly periods. Follow the instructions below to learn how to set up a new financial year, how to open/close a financial year, and how to open/close a financial period.

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How to Set up a New Financial Year

1. Navigate to General Ledger > Setup in the main menu, then to the Years tab.
2. In the Financial Years section click Add (or Copy to copy an existing year).
3. Enter the year, description, starting date, period type. Specify if opening balances are calculated. The Status of the year will be Inactive until it is opened.
4. Click Save. Monthly periods for the financial year are automatically created depending on the financial periods selected.

The Years tab provides tools for the newly created year to be opened, closed or deleted. Opening balances may also be recreated.

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How to Open/Close a Financial Year

1. Click on the required year from the Financial Years list.
2. Select the Open Financial Year or Close Financial Year button.

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How to Open/Close a Financial Period 

1. Click on the required year from the Financial Years list.
2. Click on the required month in the Periods list.
3. Select the Open or Close button.

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