When a fiscal year reaches its end and accountants have finished posting all the needed transactions, it is time to perform the required tasks to close the year.
In Dynamics NAV, this can be accomplished in just a couple of steps: closing the accounting periods and running the Close Income Statement batch process. After that, it is recommended that you restrict allowed posting dates to prevent users from posting any transaction in a closed year. If needed, though, further transactions can be posted.
To close the accounting periods, we perform the following steps:
Departments/Financial Management/Periodic Activities/Fiscal Year/Accounting Periods.