![moneyspire year end moneyspire year end](http://cdn.greatdeals.com.sg/wp-content/uploads/2014/12/10060828/luxola-year-end-sale-promo-code-ft.jpg)
Because a permanently closed year cannot be reopened, it would be a best practice to set this option to No. If set to Yes, the fiscal year status will be set to Permanently closed. Select Yes or No for the Set fiscal year status to permanently closed option.If set to No, a single voucher is created in the next fiscal year for the beginning balances. One voucher is created in the fiscal year being closed to bring the balances of all ledger accounts down to zero and a second voucher is created in the next fiscal year for the beginning balances. If set to Yes, two transactions are created.
![moneyspire year end moneyspire year end](https://www.pcg-services.com/wp-content/uploads/2016/12/Improving-Year-End-Closing-Procedures.jpg)
Select Yes or No for the Create closing transactions during transfer option.If set to No, the previous voucher will remain and a new voucher will only be created for adjusting entries that were posted after the last year-end close. If set to Yes, the voucher for the previous year-end close will be deleted, and a new voucher will be created for all accounts beginning balances. If the fiscal year has already been closed and the year-end close is being run again, this setting is important. Select Yes or No for the Delete close-of-year transactions during transfer option.Go to Navigation pane > Modules > General ledger > Ledger setup > General ledger parameters.This procedure steps through the year end close process that transfers balances to a new fiscal year.