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xTuple ERP Reference Guide

  
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6.1.1. 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.