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Closing years and periods

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At the end of a fiscal year, there are a number of administrative tasks you must perform, such as making sure all documents and journals are posted, ensuring currency data are up to date, closing the books, and more. The actual tasks will depend your company.

The following table provides an overview of tasks that you typically perform to close a year and period.

To See
Define your fiscal year and divide it into time periods for reporting financial performance. Work with Accounting Periods and Fiscal Years
Specify system-wide and user-specific posting date ranges. Depending on your business needs, you may want to restrict user posting date ranges at the start of the period-end process or after it. Specify Posting Periods
Prepare to report value-added tax (VAT) amounts collected for sales to the tax authority's web service. Report VAT to Tax Authorities
Get an overview of activities commonly performed at the end of a period, such as posting all documents and journals or running financial reports. Closing Periods
Update currency exchange rates and adjust the exchange rates of posted customer, vendor, and bank account entries. Update Currency Exchange Rates
Allocate costs and income among accounts and dimensions. Allocating Costs and Income
Print reports to verify general ledger, customer, vendor, and bank account balances before closing a period. Preparing Pre-Closing Reports
Print reports that can assist you in creating financial statements. Preparing Closing Statements
Close accounting periods and fiscal year, transfer income statement balances to balance sheet accounts, and post the year-end closing entry. Closing Books

See also

Work with Accounting Periods and Fiscal Years
Work with Business Central

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