You can reopen the most recently closed fiscal year, but doing so must be undertaken with extreme caution.
Caution
Previous closing entries ( for example, system postings made to clear out the revenue and expense accounts and post them to retained earnings) are reversed when a fiscal year is reopened.
Accounting periods belonging to the reopened fiscal year are not automatically reopened. They must be manually opened before postings can be made to them.
To reopen a fiscal year
Navigate
to General Ledger > Close
a Fiscal Year.
The Close a Fiscal Year window opens.
In the Fiscal Year list, select the most recently closed fiscal year to reopen and then click Reopen Year.