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In some parts of the world it's cold in December and people are tugging their hats down over their ears. In other places they're waxing their surfboards and getting ready to hit the beach. Like the seasons, depending on where a company is located, year-end closing can happen at different times. Business Central enables companies to define the fiscal year that's right for their business and their region. In this post we'll look at how to end a fiscal year in December. If you're interested, we also have a video about this subject.
On a side note, we previously required companies to set up accounting periods before making financial entries. However, in the latest release of Business Central we've made accounting periods optional so that new companies can quickly get started, and consider accounting periods later.
If you already have Business Central, click the following link to open the Accounting Periods page: https://businesscentral.dynamics.com?page=100.
When you're ready to create an accounting period, you can:
Later, when you are ready to close the accounting period, you:
Screenshot: Accounting Periods, highlighting where to create and close a year
After you close a year you can't reopen it, but you can still post to it. These transactions are marked as posted after year-end close so that they're easy to find and audit.
If you want, you can control when people can post transactions. For example, if you only want to allow posting in December, you can specify a date range that will apply to all users. For more information, see Specify Posting Periods. If you want to restrict only certain users, you can set that up per user on the User page.
There's lots of information about how to close a year in the documentation for Business Central. If you want to read more, the article titled Closing Years and Periods is a good place to start.
Here's a little trick worth noting. After you close a year you can mark closing transactions to indicate that an entry is a closing entry. For example, by adding C in front of the date, like "C123118." All date patterns support this. To read about date patterns, see Working with Calendar Dates and Times.
If you want to try this but don't yet have a Business Central trial, that's an easy fix. Just visit http://businesscentral.dynamics.com and choose Start Free.
If you have an idea of how to improve the year-end closing process, please feel free to submit an idea at http://aka.ms/bcideas.
Stay tuned! There's another highlight coming your way tomorrow.
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