Open Fiscal periods
In the side menu, under Books, choose Fiscal periods. Each fiscal year is split into 12 months, and the current month has a border around it.
You do not create a year yourself: it is created on its first journal, following the start month in Settings.
Review, then close
Each month card has three buttons:
- Review the month (1): opens the month-end review so you catch mistakes before closing.
- Close (2): stops anything being posted with a date in this month, and Reopen undoes it.
- Lock (3): after this the month cannot be reopened from this screen.
These buttons need the close-period permission, or being the account owner.
- Open
- Closed
- Locked
Use Lock only when the month is truly finished, say after the statements went to your auditor. For routine month-end work, Close is enough.
What happens after closing
The month shows Closed, and any journal or document dated in it is refused with a message asking you to reopen the period or change the date. This also applies to recurring journals and depreciation.
If you need a correction, reopen the month, fix it and close it again. Recording a VAT return as filed closes the months it covers on its own.
Was this tutorial helpful?
No, I need help