The Start a New Fiscal Year windows allow you to complete the necessary steps to close the previous fiscal year and begin the next fiscal year. Eight windows guide you through the process of starting a new fiscal year.
If you use Audit Trail tracking, mark the Purge Audit Trail Entries if you want to purge all the Audit Trail log entries that were recorded during the previous fiscal year. (Changes and entries recorded by Audit Trail Tracking)
Important: Keeping transactions and other entries from one fiscal year to another may impede system performance
Note: When your fiscal year should be closed
Caution: Make a backup before closing the fiscal year!