How to Close the Fiscal Year and Accounts: Setting the Closing Date, Preventing Edits, and Understanding Automatic Closing Entries

Here is a clarification on how to close accounts at the end of the financial year within the system.

Answer:
The first method: To close accounts in Qoyod:

1. From the dropdown menu, select Settings.
2. Navigate to General Settings.
3. At the bottom of the page, you will find Account Closure Date.
4. Select the desired closure date.
5. Click Save.

Important Notes:

• After adding the account closure date, it will not be possible to add any sales invoices, purchase invoices, receipts (invoice payments), or entries relating to dates before the account closure date.
• If you need to add any transaction after the closure, you can delete the Account Closure Date from settings, then add the required transaction.
• The closure is only to prevent modification of previous data.
• Posting and entry operations are performed automatically according to the financial year start date added in the general settings.

The recorded training course titled : Easier Year-End with Qoyod: Learn How to Use and Close Accounts Financially