Opening/Reclosing a prior fiscal year

If you adjust an income or expense account in the prior fiscal year, you must first open and reclose that year again to redistribute profit and loss to retained earnings.

1. From the Company menu, click Preferences.

Multi-company only. Click Company > Companies.

2. On the General tab, change the year in the Fiscal Year-Current Year field to the prior year.
3. Click Save.
4. Close the fiscal year.