Steps to Properly Close the Fiscal Year in Eemel
When finalizing your fiscal year in Eemel, it’s essential to ensure all accounting processes are complete. Here’s how to properly close a fiscal year:
🔹 VAT Periods
Before closing the year, make sure that all VAT periods are closed. This ensures that VAT reporting is complete and no further changes are made unintentionally.
🔹 Transfer Closing Balances
You’ll be asked whether to add the closing balances to the opening balances of the next fiscal year. This step helps carry over the correct financial status to the following period.
📌 For more on how to manage opening balances, refer to the [opening balances guide].
🔹 Closing the Fiscal Year
Once ready:
Go to Accounting → Fiscal Years
Select the year to be closed
Confirm your choice to “Close and lock” the year
⚠️ After closing the fiscal year, you can no longer modify any entries for that period. Review all journal entries before confirming the closure.