Year End Closing

Closing of Income Statement

GoldFinch follows the “soft closing” method to simplify Month-End and Year-End activities. As a result, the Year-End Closing of Income Statement step is not needed in GoldFinch.

Read Month-End Closing to understand how to prevent users from posting into the closed months and how to allow specific users to post in previous months.

When running the Balance Statement, GoldFinch will automatically calculate the Current Year Earnings and the Retained Earnings using the Account Current Year Earnings and Account Retained Earnings defined on the Company Setup.

You are not allowed to post directly into the Account: Current Year Earnings.

However, you can post directly into the Account: Retained Earnings to record:

• The beginning balance of Retained Earnings, and

• Any distributions from Retained Earnings in future years.

Article Year-End-Closing  ·  Last updated October 02, 2025 · GoldFinch ERP Help Center