Closing and opening in new fiscal period

Hi
I am going to close last fiscal period and open new period . What should I do step by step for closing inventory and BP and Accounting and Open them in new Period. does system has any facility to do these step automatically.
Thanks in advance

PEC is a tool to use for you to close any periods.  What it does is mainly creating certain retained earning entries.  There is no way to do anything automatically for you.  You may need to define new fiscal periods first before you do Period-End Close.
Thanks,
Gordon

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