Period Closing Voucher

The Period Closing Voucher is the year end entry: it takes every income and expense ledger balance for the fiscal year and transfers the net result into Retained Earnings, so the Profit and Loss accounts start the new year at zero while the Balance Sheet carries the profit forward. Income accounts are debited to clear their credit balances, expenses are credited, and the difference, the profit, is credited to Retained Earnings - YFF. It also writes Account Closing Balance rows per account and cost center. The demo has one posted for 2082-2083. Submitted vouchers lock; cancelling reopens the year, and amending after a late adjustment reposts it.

Profit transferred = Sum of income account balances - Sum of expense account balances for the fiscal year

1. 01Finish all year end adjustments: depreciation, accruals, stock reconciliation.
2. 02Go to Invoicing > Period Closing Voucher > New.
3. 03Set Transaction Date to the year end, pick the fiscal year and Closing Account Head Retained Earnings - YFF.
4. 04Add remarks, then Submit. Large years post in the background through Process Period Closing Voucher.
5. 05Check the Profit and Loss for the new year starts at zero.
6. 06Lock the old year with an Accounting Period.

Create under Accounts > Period Closing Voucher after year end adjustments. Submitted vouchers lock; cancel to reopen the year.

Posted for 2082-2083, transferring that year's profit to Retained Earnings.