Can I work in more than one fiscal year?

Can I work in more than one fiscal year?

The answer to this question is “yes”.  You can run Close Year-End at any time once you are in the new fiscal year.  For example, let us say that my fiscal year end is December.  I can run Close Year End right away in January, if I choose.  This will then allow me to see beginning balances in the new fiscal year.  You can Close Year-End by following these steps:

-       Go to General Ledger.

-       Go to Organization | Close Year End under the Miscellaneous section.

-        Verify that the fiscal year is going to be correctly incremented.

-       Click Go.

By closing year-end, you still have the ability to go back to the prior fiscal year and enter journal entries or accrue invoices back.  As long as you don’t close those periods in the prior fiscal year, those periods will always be available for you to post activity.

When you do go to Enter Journal Amounts and you select a period in the prior fiscal year, you will get a message telling you that once you are done entering your journal entries beginning balances will automatically be recalculated. 

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