Prepare to Close the Year
After a year is closed, you can only modify a transaction by voiding it. This creates a reversing entry in the current fiscal year. There are a few things you need to do before closing the year.
CAUTION: Make sure your batches only include transactions with dates in 2024. Transactions with a posting date for next year must go in a separate batch. So, your 2025 batches should not have any 2024 contributions.
- Enter Journal Entries and Depreciation — Add recurring, depreciation, and adjusting journal entries.
- Reconcile Bank Accounts — Track if cash account transactions have cleared the bank.
- Print End-of-Period Reports — Run reports for the last period month and for the year.