Financial statements and closing the year
The statements your accountant asks for, produced from the ledger — and a year-end that locks without destroying anything.
Because every transaction already sits in the ledger, the balance sheet, income statement, changes in equity and cash flow are produced from it directly — not compiled by hand at year-end. Closing a year posts a real closing entry that rolls profit into retained earnings and locks every document dated inside it. If that turns out to be premature, reopening reverses the closing entry rather than deleting it, so the audit trail survives.
Open Accounting → Financial Statements. Choose the fiscal year; the four statements are generated from the ledger as it stands.
Export to Excel for your accountant, or generate the XBRL file for regulatory submission. Both come from the same figures; neither is re-typed.
Before closing: post any year-end journals, confirm treasury matches the bank, and check the Profit & Loss report reads as you expect.
Close the year. This needs the fiscal-year permission specifically. From then on no transaction can be dated inside it and no document inside it can be edited or deleted.
If a correction is genuinely needed later, reopen the year with the same permission, post the correction, and close it again. The original closing entry is reversed, not erased.
Good practice
- Give the fiscal-year permission to one person. It is the single most consequential action in the system.