When should I close my financial year.

You can close you financial year at any point and Scribe Accounts allows you to close and reopen financial years with ease, ensuring flexibility to make adjustments as required. 

It is useful to close the year to prevent transactions or changes being made in the incorrect year.

Closing the Financial Year

To close your financial year in Scribe Accounts:

1. Navigate to Year End:

   • Navigate to Year End → Close Accounts in the application.

2. Select Options for Closing:

   • You will see options to close the account. Tick the appropriate boxes:
     • Close the account: Confirms you want to close the current financial year.
     • Copy the year-end data: Optionally, you can choose to copy the year-end data (this can always be done at a later date if you wish).

3. Confirm Closure:

   • Click ‘Confirm’ to finalise the closing of the financial year.

Reopening the Financial Year

Should you need to make amendments after you have closed a financial year, Scribe Accounts provides a straightforward way to reopen it:

1. Access the Previous Financial Year:

   • From the main menu, navigate to the financial year you wish to reopen. This might involve switching the current view from the present financial year to the one you need to amend.

2. Initiate Reopening:

   • On the homepage for the selected financial year, find and click the red ‘Re-open’ icon.

3. Confirm Reopening:

   • Ensure all confirmation boxes are unticked.
   • Click 'Confirm' to reopen the financial year.

Making Amendments

After reopening the financial year:

1. Edit Records:

   • Make the necessary adjustments or additions to your financial records as needed.

2. Recalculate if Necessary:

   • If working within the Income & Expenditure section, navigate to Year End → Calculate to ensure all financial calculations reflect the recent changes.

3. Review Updated Reports:

   • It’s crucial to check updated reports to verify that all figures and entries are correct following your amendments.

Closing the Financial Year Again

Once you are satisfied with the adjustments:

1. Navigate to Close Accounts:

   • Go to Year End → Close Accounts.

2. Confirm the Closure:

   • Select all necessary boxes again and click ‘Confirm’ to re-close the financial year.