How do i close the current financials and proceed to the new year financials ?
Will the opening balances be transferred automatically, or will i have to manually do that?
Have you searched the guides and, in particular, asked the chatbot?
Manager is a perpetual accounting system and there is no need for closing and reopening a financial year
Welcome to the forum @nirav_Shah1,
Actual closing Journal Entries for Retained Earnings accounts are not required.
Whenever you generate a Balance Sheet, Trial Balance or General Ledger report, manager does automatic closing of Profit and Loss to Retained Earnings account.
It also does automatically generate Foreign Exchange Difference entries if you have accounts denominated in Foreign Currencies and you keep an updated Exchange Rates table.
Other than that, you might want to do manual closing for specific regulatory provisions and reserves.