Year-end closing: German legislation

21 June 2024 | 3536  | #

When you have completed your accounting activity at the end of a fiscal year, you can run the year-end closing process to close it.

Prerequisite
  • You have created the next fiscal year before running the year-end closing process.
  • The first month of this next fiscal year is open.
This process is irreversible. After closing, you will not be able to modify, delete or add entries for the closed fiscal year.

To close the fiscal year:

  1. Access the Year-end closing.

    Accounting > Closing > Year-end closing

  2. Select the mandatory ledger accounts.
  3. Preview the carry-forward entries.
    You can also generate these journal entries as temporary entries as many times as you want (Simulate carry-forward entries).Your temporary carry-forward entries are found with your journal entries (Accounting > Journal entries) in the carry-forward journal. If you simulate new temporary carry-forward entries or close the fiscal year, this will overwrite the current temporary carry-forward entries.
  4. Close the fiscal year.
    Journalization
    If you have not journalized all of your journal entries during the fiscal year, a message will display prompting you to do this. Select the option (Journalize entries) to carry out the mandatory journalization process.

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