The automatic end of year closing option is turned on in Tools > System Utilities > System Options. 
  1. Choose GL in the first tab
  2. Choose automatic end of year in the second column
  3. Select a "yes" in the last column to turn on the feature.

This feature will automatically run the end of year closing process for the funds involved in a particular GL journal posting. 

However, the process will only update accounts.  It will not create them.

Possible scenario: If you create a new fund during January 2015 due to a December gift and you autobuild GL accounts for 2014 you have created just the 2014 GL accounts.  You typically would then go immediately to the Gift module and process the gift through and into the GL. Even though you have the Automatic End of Year option turned on, because there are no 2015 accounts yet for this fund, no balances will update in 2015.  At some point you realize that you don't have 2015 accounts created for the fund and you autocreate the 2015 accounts. You will have to run the end of year closing process manually to update the 2015 accounts. 

We do not want the automatic process creating accounts because this would result in accounts created in 2015 for every journal posted in 2014 when you process 2014.  Once 2015 accounts are created, the next time the process runs, it would create 2016 accounts, and so on.  So the process will only update existing accounts, not create them. To insure that you do not have issues, it is necessary to remember to create accounts in the initial gift year (in our scenario this is 2014) as well as in the current year ( 2015 in this case) before posting any journal entries to the fund.