Close Periode

Module Guide: Close Period

Module Location

Settings > Accounting Settings > Closing > Close Period

Module Purpose

The Close Period module is a tool for performing the monthly closing process. Unlike "Close Module," which locks entire transaction types, this module specifically locks the ability to post transactions into a period (month) that has been closed. This is a standard accounting control step to ensure that once a month is closed and reported on, its data cannot be altered.​

1. Main View (Close Period Page)

This page provides instructions, displays the status of each month within a fiscal year, and offers action buttons to perform the period-closing/opening process.

View Explanation

• Checklist: The top section provides a guide of steps that should be completed before closing a period, such as :​

  • Running Asset Depreciation.

  • Performing Bank Reconciliation.

  • Creating Adjustment Journals.

• Year Filter: A dropdown menu to select the fiscal year you want to manage.

• Period List (Months):

  • Displays all months of the year.

  • Each month has a clear status: (Closed) for periods that are already closed or (Open) for periods that can still accept transaction entries.

• Action Buttons:

  • Open Period: A button to reopen a selected month, allowing for entries or corrections.

  • Close Period: A button to lock a selected month.

2. Steps to Close a Monthly Period

• Complete the Checklist: Ensure all monthly accounting tasks (as listed in the checklist) are finished.​

• Select the Year: Choose the appropriate year from the Year dropdown.

• Select the Month: Select the earliest month that is still marked as (Open) that you wish to close. The closing process must be done sequentially (e.g., you cannot close November if October is still open).​

• Execute the Action: Click the Close Period button. The system will lock the month, and its status will change to (Closed).

3. Integrated Workflow & Business Process

• Monthly Data Integrity: Once a month is closed, the system will reject any attempt to post a transaction with a date falling within that month. This forces all transactions to be recorded in the correct period and maintains the reliability of monthly financial reports.​

• Sequential Process: The closing process is sequential. To close October, September must already be in a closed state. Similarly, to reopen July, you must first open October, September, and August in reverse order.​

• Step Towards Year-End Close: Closing all 12 periods (January through December) is a prerequisite before the company can perform the annual year-end closing process.​

4. Tips & Important Notes

• Closing a period is a routine procedure that should be performed at the end of each month by the accounting department.

• The Open Period function should be used with extreme caution and with clear authorization, as reopening a period that has already been reported on can affect previously issued financial statements.

• Access to this module should be restricted to accounting staff responsible for the period-end closing process.