Hello All,

I found the way that how to close the current fiscal year and move to next fiscal year

1) we need to posted all journal entries.

2) Accounting>>Periodic Processing>> End of period >>Close period.

By using close period action we can close all the periods if all entries are posted sucessfully.

3) Accounting>>Periodic Processing>> End of period >>Generate Opening Entries.

This is pop up the wizard for closing current year and opening next year entries.

What default account should be set on opening Journal.

Till this I am reached now Just hang on default account for Opening journal entries.

The Opening Journal wizard these for info.

1) year to close - done 2) new fiscal year- done 3) Opening Journal entries- (Here what to set as default accounting entires. 4) Default period come for next fiscal year.

Need little push on this.

Regards, Anil Kesariya.

Hi Anil ...

• the default debit/credit accounts for the Opening journal depends on your char of account , you can specify it on the journal form [scroll the screen to right] ... but the default one which comes with the default chart of account [Opening expense account, Opening income account] .

• 3) it is Opening entries journal not Opening Journal entries. here you specify the journal in which the entries will post , this journal you have to prepare it to suit your new fiscal year, it is as normal journal but you have to tick the : "Centralized Counterpart"

when this wizard finished , it will automatically generate an entry for you , you have to post it , after that you can close the old fiscal year, and you'll see your chart of account changed ...

I hope this could helps...

Regards ...

Ahmed M.Elmbuarak