The End of the Year Closing program performs the necessary routines to prepare for a new fiscal year. Even though the program allows entries into the next fiscal year, financial reports won't be correct, as there are no beginning balances. This program creates the beginning balances for the new fiscal year. It also "locks" the current fiscal year so that transactions can no longer be made to it. The previous years information will remain intact and all of the reports can then be generated for any fiscal year's data.