When a fiscal year reaches its end and accountants have finished posting all the needed transactions, it is time to perform the required tasks to close the year.
In Dynamics NAV, this can be accomplished in just a couple of steps: closing the accounting periods and running the Close Income Statement batch process. After that, it is advisable to restrict allowed posting dates to prevent users from posting any transaction in a closed year. If needed, though, further transactions can be posted.
To close the accounting periods, we perform the following steps:
Navigate to Financial Management | Periodic Activities | Fiscal Year | Accounting Periods.
Run the Close Year process found on the ribbon.
You will be prompted to confirm that you want to close the fiscal year. You cannot choose which fiscal year to close. The system will close the first open fiscal year. Click on Yes. Refer to the following screenshot:
The fiscal year has been closed. Notice...
