• If you close the year in General Ledger, you can still open the periods for the prior year and post correcting or adjusting entries.
• Do not proceed with closing the current fiscal year if you have not completed the closing of the prior fiscal year or anticipate receiving adjusting entries for the prior fiscal year. You will not be able to post entries to a fiscal year that is 2 years prior.

See the articles below for more information:

• How do I close the fiscal year in General Ledger?
• How do I record a prior year adjustment in General Ledger?
• Can I close prior year adjustments multiple times in General Ledger?
• Can I make General Ledger entries for two years ago?