1. Go to Accounting Periods, click close year, and confirm.
  2. Close inventory period (If the company uses inventory)
  3. Go to Chart of Accounts, Run Close Income Statement, fill in Retained Earnings account, as well as configure which Journal and Batch to use (also make sure to include all dimensions, if the company has dimensions). This will create a journal to post all the year end entries.
  4. Go to the General Journal, and post the entries.


Resources:

Official Microsoft Documentation

https://docs.microsoft.com/en-us/dynamics365/business-central/year-close-years-periods

https://docs.microsoft.com/en-us/dynamics365/business-central/year-close-income-statement

Official Microsoft Training Material

https://docs.microsoft.com/en-us/learn/modules/close-fiscal-year-dynamics-365-business-central/


Videos

https://usedynamics.com/business-central/finance/create-accounting-periods/