To create a new fiscal year, select the
button. The following screen will appear:When creating a new fiscal year, you are presented with the following options:
Specify the start date for the fiscal year.
Specify the end date for the fiscal year.
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.