Use this window to perform a final transfer of the closing balances from one accounting year to the opening balances for the next accounting year per ledger. This can be done either as balances only or as one voucher for the closing balance and one voucher for the opening balance. The result for the past accounting year must be reconciled before the final transfer is implemented. When a balance amount is zero (0), it is not transferred to the new balance. The final transfer updates period zero (0) for the new accounting year.
When Final Year End is run for a particular ledger and accounting year, the closing balances of that year and the opening balances of the next year of the selected ledger will be changed to either Final Balance Transferred or Final Voucher Created. When Final Year End is run the status of the accounting year will change to Closed or Finally Closed for the selected ledger depending on the status of the accounting periods within the year of the specified ledger. This depends on if the transfer of final balances is done as balances only or as vouchers. These changes occur in Accounting Periods.