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Closing an accounting year
Closing an accounting year

How to close your financial year

Jacqui Sullivan avatar
Written by Jacqui Sullivan
Updated over a week ago

With Reviso you can manage your accounting years. You can create new accounting years, block periods, close accounting years, or even reopen them if you forgot about an entry.

Take a look at the following video tutorial....

How to close an accounting year

Once you finished entering all records of your accounting year, Reviso does the closing for you. Reviso automatically creates regularization for the fiscal year to be closed as well as the corresponding opening entry for the next new fiscal year. Before closing your accounting year, you must create the next accounting year.

In order to close the accounting year, go to the icon on the right side of the accounting year stating Close.

close accounting year verification

Once you select Close, a summary of all your income and expenses shows up as well as the opening entry for the next accounting year. Please note that you can only close your accounting year when all the entries for that year are booked. It will not be possible to close an accounting year either if there is a previous one that is still open.

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