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.