Reopening a Closed Financial Year

1. Navigate to Period Closing

1. Go to Accounting Module → Period Closing.

2. Locate the financial year you want to reopen (e.g., FY 23-24).

2. Edit the Closed Year

1. Double-click the closed period or select Edit.

2. Look for the option: Reset Income and Expense Accounts.

   • Usually, keep it as “No” unless you want to reset income/expense accounts.

3. Save changes.

✅ This will reverse the year-end journal entries, effectively reopening the financial year.

3. Pass Adjustments

• After reopening, you can pass any required journal entries or adjustments in that financial year.

4. Close the Financial Year Again

1. After completing adjustments, go back to Period Closing.

2. Select the same year → Edit → set Close Year = Yes.

3. Save.

✅ The financial year is now closed again with adjustments recorded.

Notes / Best Practices

• Do not create a new period for the same year; always reopen the existing one.

• Only users with permission to edit closed periods should perform this.

• Ensure all adjustments are recorded before closing to maintain correct ledgers and reports.