The steps that you must take on the last day of the fiscal year are minimal and depend on your specific version of The General Store.
Lite Version
In the Lite version, you should create a month end stock status report for inventory valuation.
Open General Store Back Office
Click: Inventory
Select: Stock Status Report
Uncheck the option: Print Hardcopy
Select the option: Print to PDF
Click: Process
The PDF will open in Adobe Reader when complete. In Adobe Reader, click on File > Save as... and then save it to another location with a different filename. (As an example, create a folder under your Windows Documents folder called: Yearly Reports. Then, save your reports with a unique file name such as: 2017 Stock Status).
Standard Version
In the Standard Version of The General Store, create the Inventory Stock Status Report (as above), then,
Click on: Customers
Select: Open Transactions Report
Create each report listed, printing only to PDF (uncheck the 'Print Hardcopy' option). The PDF will open in Adobe Reader when complete. In Adobe Reader, click on File > Save as... and then save it to another location with a different filename. (As an example, create a folder under your Windows Documents folder called: Yearly Reports. Then, save your reports with a unique file name such as: 2017 Open Layaway.)
Plus Version
You should perform the steps shown above under the 'Lite Version' and 'Standard Version' at the close of business on the last day of the fiscal year, and prior to opening for business on the first day of the new fiscal year.
It is not necessary to "close" your fiscal year books on the last day of the year. This function can be performed at any time, however there are some steps you must take on the last day of your fiscal year.
In addition to the steps above you must also:
Run Customer Statements
Run the Aged Receivables report (Aged Trial Balance)
Run the Vendor Open to Pay report
Note: if you do not perform the steps above, there is no way to recover this information as of the year end date !
You may close your fiscal year end at any time, however, you must remember that after you perform this function, you must re-close any individual months for the new fiscal year. As an example:
Your fiscal year ends on December 31
You have already closed your Accounts Payable for January and February in the current year
You do not close your fiscal year books until April of the current year
After you close your fiscal year books, you must go back and re-close January and February in Accounts Payable