Accounts closing

I’m new to ERPNext & i have a question on accounts closing & new fiscal year’s opening. i.e. Now I’m on the new FY & previous FY is not yet closed as i’m still left with some transactions to be posted, related to the last year. I’m fully loaded also with current year’s transactions which are to be updated to the system. is it OK, if I start the transactions of the current year, without closing the previous year? If i do so, will it affect anyway to the current year’s transactions? As I understand the system will only consider based on the date of each transaction, but still need it to be clarified in order to not to make any mistake.

Appreciate your help

There’s no problem. You “close” a year by entering a period closing entry. Make it whenever you want.