Year-end closing: Spanish legislation

21 June 2024 | 3059  | #

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 entry.
    You can also generate the carry-forward and closing journal entries as temporary entries as many times as you want (Simulate carry-forward entry).Your temporary carry-forward and closing entries are found with your journal entries (Accounting > Journal entries) in the relevant journals. If you simulate new temporary entries or close the fiscal year, this will overwrite the current temporary entries.
  4. Close the fiscal year.
    Renumbering
    If you have not renumbered all of your journal entries during the fiscal year, a message will display prompting you to do this. Select the option (Renumber) to carry out the mandatory renumbering process.

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