The new fiscal year is automatically opened when you make your first posting in the new fiscal year or once the balance carried forward program has been run. You do not have to close the old fiscal year before you can post data in the new one. You therefore do not need to create closing or opening financial statements.

• If you are using a fiscal year variant which is year-specific, you first have to create a variant for this fiscal year and assign it to the relevant company code. See Fiscal Year and Calendar Year
• If you have also defined year-dependent document number assignment, you must have already set up the document number ranges for the new fiscal year. For more information, see Document Number Assignment
• The relevant posting periods must be open in the new fiscal year. See Opening and Closing Posting Periods