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Does a previous accounting year need to be closed prior to closing period 1 in the new accounting year?

Does a previous accounting year need to be closed prior to closing period 1 in the new accounting year?

Owned by Claire Aleman
04 04, 2018

Issue/Symptom/Question

Does a previous accounting year need to be closed prior to closing period 1 in the new accounting year?

Environment

Penta for Windows

Finance & Accounting > Processing > Accounting Closes > Close Accounting Period

Resolution/Fix/Answer

Yes, you have to close the prior fiscal year before closing any periods in the current fiscal year. 


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