When you close the financial year then closing entries will be made in ledger for accounts having type income and expenditure and balances of the accounts having type Asset and liability. Also the net profit / loss will be calculated and carried over to next financial year.
All the customers, supplier, product information databases will be taken over to next year. Also the sales, purchase and other transaction belonging to the next year will be removed from current year files.
After closing of the financial year no more entries can be made into it. All the data will remain intact you can generate any reports about the closed financial year however no new entries like bills, voucher etc. can be made.
Manufacturing ERP - Click to find complete details
HiTech Manufacturing ERP Software Helps You to Boost Revenue, Improved Solution Provides Fully Integrated ERP Software for Manufacturing Industry in India Explore Our Business Management Solutions for Small and Medium-sized Business
Off-the-shelf software solutions for various segments like Business, Trading, Industry, Hotel, Hospital, Medical Store, Petrol Pump, Automobile dealer, Newspaper, Commodity Broker & VAT Accounting. Customization available at nominal additional cost.
ERP Accounting, Billing, Inventory Control Software
International VAT Enabled with VAT Input and VAT Output with VAT Codes ready for use in 140+ countries with Value Added Tax. Also available for Indian GST (Goods and Service Tax), SGST & CGST with HSN codes for Products and Input Credit Tax for Purchases. Customization available at nominal additional cost.