How to close your financial year
Closing the year makes this year’s profit part of your accumulated earnings and draws a line under the books. RushFlow’s Year-End Close posts a closing entry dated year-end that zeroes every income and expense account into retained earnings, and can lock the period so the closed year can’t be quietly changed.
Step by step
- Open Year-End CloseWeb: Accounting → Year-End Close.
- Choose the yearEnter the year to close and decide whether to lock the period (recommended and on by default).
- Close itConfirm — RushFlow posts the closing entry (reporting the net income/loss moved to retained earnings) and, if chosen, locks the year. The Closed years list records what’s been closed.
Safe and reversible-aware
Closing is idempotent — closing an already-closed year does nothing — and the closing entry is tagged so your P&L excludes it while the trial balance and balance sheet include it. Locking is handled through financial period locks.
Frequently asked questions
How do I close my financial year?
Use Year-End Close: enter the year, choose to lock it, and confirm. RushFlow posts a closing entry that moves net profit into retained earnings and can lock the period so it can’t be changed.
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