Fiscal Years

Use Fiscal years to quickly access a list of open fiscal years from Settings, General ledger. From here, you can close any fiscal year that is no longer active. Closing fiscal years helps:

Tip: Review Why Close Fiscal Years?

• Improve the accuracy of financial reports

• Prevent errors

• Prepare for audits

For more details, see Closing Fiscal Years Tutorial.

Note: Financial Edge NXT requires at least two open fiscal years. However, we recommend maintaining three open or pre-closed fiscal years to allow for adjustments and corrections. For example, pre-close last year, keep the current year open, and pre-close next year so you can make updates to both the prior and upcoming fiscal years without disruption.