Yes.

You will want to ensure that no other users are performing any general ledger processing when these steps are taken!

The first step is to use Tool #202 "Chart of Accounts/Budget Groups Maint" and update the Current process month and year  to 12/YY (December of the closing year). In addition you will want to flag the line item Current Processing year/month is equal to period 13 Y/E.

Then create and post your entry using Tool #61 "Create/Post GL Journal Entries." Remember to also post the net income or loss of this batch to your desired equity accounts (This is your contra-equity account linked to each income and expense general ledger number in your chart of account and the Undivided Earnings general ledger number)

Close your books using Tool #360 "End of Month Processing" and your new entries will 'close' to your contra equity account with the JEID of 'ZZ' and marked as the closing entry.

Refer to the link below for details concerning closing Income and Expense Year End Processing.