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Orbit Finance
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App guides · Year-End Close

How to close the financial year in Orbit Finance

Year-End Close finishes a financial year by writing closing balances as next year's openings and locking the year. First, check Audit Prep and reconcile banks. Then press Close & roll on the most recent open year. The app moves profit to equity and prevents further edits to that year.

Checked against Orbit Finance · 6 November 2026

What is Year-End Close for?

This module marks a year as finished. It writes the closing figures of Balance Sheet accounts as the opening figures for the next year. It also moves the year's profit into the owner's equity and locks the year so no records can be added or changed.

How do I check the year is finished?

  1. Go to Audit Prep and press Re-run review to clear every Must fix item.
  2. Open Reports and check the Control reconciliation for missing invoice or bill entries.
  3. Open Fixed Assets and check the This year column is not zero on assets you still use.
  4. Reconcile the bank so the cash figure you carry forward is correct.

How do I close the year and roll it forward?

  1. Open Year-End Close and find the most recent open year in the Fiscal years table.
  2. Press the Close & roll button on that year. It only appears on the most recent open year, so close years in order. Closing cannot be undone from inside the app.
  3. Read the confirmation message showing which year is closing and which receives openings.
  4. Press Close & roll forward to confirm the action.
  5. Read the green message to see how many balances were carried and the net profit moved to retained earnings.

How do I check the carried balances?

  1. Look at the Opening balances carried into card and select the new year in the dropdown.
  2. Check that Cash & Bank matches last year's closing bank figure.
  3. Verify that Accumulated Profit / (Loss) has grown by the profit quoted in the green message.
  4. Open the Trial Balance for the new year to confirm it tallies with no new records.

How do I handle mistakes in a closed year?

  1. Do not try to edit records in the closed year, as the app will refuse them.
  2. Record a correcting entry in the current open year, dated in the current year.
  3. Add a note to the entry explaining what it corrects.
  4. If you changed Fixed Assets after closing, press Re-close to recalculate the next year's openings.

What this does to your books

Pressing Close & roll forward writes the next year's opening balances. Every Balance Sheet account goes in at its closing figure on its normal side: debit-side accounts such as Cash & Bank (1000), Trade Debtors (1100) and Inventory / Stock (1300), credit-side accounts such as Creditors, Accruals & Other Liabilities (2000) and Partner's Capital (3000). Accumulated Profit / (Loss) (3100) is credited by the year's net profit, or debited by a loss. Income and expense accounts get no opening balance, which is how they reset to zero. No cash moves.
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Questions, answered

Can I undo a year-end close in Orbit Finance?

No, closing a year cannot be undone from inside the app. There is no reopen button. Once closed, the cash book, journals, and other entries refuse any record dated in that year.

What happens to income and expense accounts at year end?

Income and expense accounts are reset to zero for the new year. The close writes no opening balances for them, which is how they start fresh while Balance Sheet accounts carry their closing figures forward.

What does the Re-close button do?

Re-close recomputes and rewrites the opening balances for the next year. It is used if you corrected Fixed Assets or stock movements after closing. It does not unlock the closed year for editing.