Business Terms Dictionary

End of Financial Year

With the end of a financial year, you close the books on a 12-month accounting period. While many align their financial year with the calendar year, ending in December, it doesn't necessarily have to match—it depends on the organization's chosen fiscal structure.

What does end of a financial year mean?


Businesses close their accounts, ensure all transactions are recorded, and prepare financial statements like the profit and loss statement, balance sheet, and cash flow statement.


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In ForgeFlow Cloud ERP, opening entries are automatically transferred across financial years.