Closing fiscal year

I submitted a query on 20th April. But no response yet.
Anyway, Is there anybody that can help how can I locate the option to close the fiscal year and initiate a new fiscal year, ensuring that all the closing balances are transferred as beginning balances?

Thank you in advance

In Akaunting, closing a fiscal year and initiating a new one involves ensuring that the closing balances of accounts are carried over as the opening balances for the new fiscal year. Here’s a step-by-step guide to help you through the process:

Step 1: Backup Your Data
Before making any significant changes, it’s essential to back up your data to avoid any loss of information.

Navigate to: Settings > Backup
Create a Backup: Follow the prompts to back up your data.
https://akaunting.com/apps/backup-restore

Step 2: Close the Fiscal Year
Akaunting doesn't have a dedicated "close fiscal year" feature like some other accounting software, but you can achieve this by adjusting your settings and manually handling the balances.

Ensure All Transactions are Entered: Make sure all transactions for the fiscal year are entered and reconciled.
Generate Financial Reports: Create financial statements such as the Balance Sheet and Profit & Loss Statement to review your financial position at year-end.
Navigate to: Reports > Financial Reports > Balance Sheet / Profit & Loss

Step 3: Transfer Closing Balances
You will need to create journal entries to transfer the closing balances to the new fiscal year.

Navigate to: Accounting > Journal Entries
Create a Journal Entry: Enter the necessary details to transfer the closing balances to the new fiscal year.
Date: Set the date to the first day of the new fiscal year.
Accounts: Use the appropriate accounts to debit and credit the balances.

Step 4: Adjust Account Balances
Ensure that all closing balances are correctly transferred as opening balances for the new fiscal year.

Navigate to: Accounting > Chart of Accounts
Check Balances: Verify that the opening balances for the new fiscal year reflect the closing balances from the previous year.

Step 5: Start the New Fiscal Year
After transferring the balances, you can proceed with the new fiscal year.

Update Fiscal Year Settings:
Navigate to: Settings > Company Settings
Fiscal Year: Update the fiscal year dates if necessary.

Step 6: Verify Opening Balances
Run a trial balance to ensure that the opening balances are correct.

Navigate to: Reports > Financial Reports > Trial Balance
Review: Check that the opening balances match the closing balances from the previous fiscal year.

Tips:
Regular Backup: Make regular backups of your data, especially before making significant changes.

Professional Advice: If you're unsure about any entries or settings, consult with an accountant to ensure accuracy.

By following these steps, you can successfully close the fiscal year and start a new one in Akaunting, ensuring that all balances are correctly carried over. If you encounter any specific issues or need further assistance with Akaunting, feel free to ask!