Year-end close
Closing the fiscal year: zeroing revenue and expense accounts into retained earnings, rolling owner draws into equity, and locking the year.
In Solo Superstars
From Accounting › Close › Year end once every month of the year is closed. Runs the year-scope probes, offers depreciation, prepaid releases, accruals and write-offs, posts the closing entry and the equity rollup, and produces the year-end archive.
Example
FY2026 close: net income 41,300 → Retained Earnings; draws 12,000 and estimated tax 5,000 → Owner’s Equity; year locked.
Codes shown are the defaults a new workspace starts with. Yours may be renamed or renumbered — check Accounting › Chart of accounts. See the full default chart.
Also called
- annual close
- fiscal year close
- closing the year
Related
- Closing entry — The journal entry at year end that zeroes every revenue and expense account into retained earnings so the new year starts clean.
- Retained earnings rollup — The part of the year-end close that moves the year’s net income into Retained Earnings.
- Owner-equity rollup — The year-end step that folds the year’s owner draws and estimated tax payments into Owner’s Equity so those accounts restart at zero.
- Monthly close — Declaring a month finished: everything categorized, statements reconciled, then locked so nothing older can change.
- Roll-forward check — A year-end probe confirming that last year’s closing balances equal this year’s opening balances for every balance-sheet account.
- Year-end books archive — A downloadable bundle produced by the year-end close: statements, trial balance, general ledger, reconciliation reports and source documents for the year.