Before you can post any transactions in xTuple, there must be a valid fiscal year and period to post them into. To set up the new year, do the following:

• Go to Accounting, Fiscal Calendar, Fiscal Years
• Make sure only the current year is open. If not:
  • Highlight the earliest open year and click Close Year
  • If you get a message about there being open periods, go to
    • Accounting, Fiscal Calendar, Accounting Periods
    • Close all periods in that year
  • Repeat until only the current year is open
• Highlight the current year
• Click Copy Year – this will create the new year and all it’s periods.

Copy Year is only available in xTuple 4.9 and higher. If you are on an older version, you will have to click New to create the new fiscal year, and then go to Accounting Periods and create all the periods.