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7.1.1. Fiscal Year

To create a new fiscal year, select the NEW button. The following screen will appear:

Create new Fiscal Year

When creating a new fiscal year, you are presented with the following options:

Start Date

Specify the start date for the fiscal year.

End Date

Specify the end date for the fiscal year.

Closed

Indicates whether a fiscal year is closed or not. This option may also be used to close a fiscal year. The act of closing a fiscal year prompts the system to calculate retained earnings for the year. Once a fiscal year has been closed, the retained earnings account is subject to forward-updating just like any other general ledger account.