How is the closing and reopening of accounts for a fiscal year handled in Zoho Books?
Zoho Books automatically handles the closing and reopening of accounts. The closing balance of the last day of the previous fiscal year will become the opening balance for the new fiscal year.
Also, Zoho Books does not restart the invoice numbering for the new fiscal year but continues in the same series of numbering. If you wish to restart the invoice numbering for the new fiscal year, you can change the prefix of the invoice number during the creation of invoice. To change the prefix:
- Go to the Invoices module and click the + New button.
- Click the Settings icon next to the Invoice Number field.
- Edit the prefix according to your need.
- Click Save.