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.

To open or reclose a prior fiscal year

  1. From the > Setup menu, click Company > Preferences.

Multi-company only. Click > Setup > Company > Companies.

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