• brlib
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  • Registered: 11/28/2011
  • Posts: 5

Topic: Fiscal year: delete vs close

Is there a difference between closing the year and deleting it? If yes, how do you initiate the "close" process? I see where to initiate the "delete" process (it's in the fiscal years maintenance tab)

Thanks

  • joe
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  • Registered: 03/15/2007
  • Posts: 5,107

Re: Fiscal year: delete vs close

When you close a year, you balance the accounts and you can no longer make entries to this year. But you can still look at the reports and inquiries for the closed year.
When you delete a year, the transactions are removed and the balance accounts are brought forwards. You can no longer se the transactions for a deleted year.
You initiate the closing of a year by selecting the year, and then select the closing and update the fiscal year.

/Joe