No separate year-end closing or account opening processes need to be performed in the program; the balances from the previous financial year are automatically displayed as the opening balances for the next financial year's balance sheet.
Year-end entries are recorded like other vouchers either in the Events – Open or Events – Own views.
In year-end entries, it is advisable to use a non-taxable voucher type, allowing net amounts to be recorded for taxable accounts. The program has a default voucher type 90 for year-end entries.
To ensure that depreciation appears correctly on the balance sheet breakdown, a specific voucher type created for depreciation must be used when recording them. You can read more about maintaining voucher types here.
In this regard, it is also advisable to check the type of the value-added tax voucher type; it should be VAT. With these definitions, not only depreciation but also additions and reductions of fixed assets will be displayed correctly as net amounts on the balance sheet breakdown.