Close or reopen a period

Once you’ve filed a tax return or finished a year with your accountant, the figures for that period shouldn’t change. Closing a period does that: “Close a period so nobody can post a new journal entry dated inside it — filed figures stay filed.”

Who can do this

Only Owners.

1. Open Settings › Chart of accounts — Open your user menu, choose Settings, pick Chart of accounts under Money & tax, and scroll to Period close.

2. Add the period — Pick the Start and End dates (they start on this month) and press Add period. It’s listed with Open.

3. Close it — Press Close on its row. It shows Closed.

4. Reopen it if you need to — Press Reopen on a closed period to allow postings inside it again.

Settings, Chart of accounts, Period close: Start and End dates, Add period, and a list of periods marked Open or Closed

What a closed period stops

Anything that would post an entry dated inside it is refused — issuing an invoice, recording a payment, approving an expense, paying a bill, voiding a document. The message says the date “falls within a closed fiscal period”. Change the date, or reopen the period first.

Good to know

• Periods can’t overlap. Adding a period that overlaps one you already have is refused.
• Reopening is recorded. The audit log shows who reopened a period and when.
• Locking your opening balances closes a period for you, ending the day before your cutover date. Unlocking them reopens it. See Check and lock your opening balances.
• Your financial year doesn’t close itself; add and close the period when you’re ready. See Set your financial year.

Caution

Corrections after a period is closed are usually posted in the current period with a journal, not by reopening. Reopen only when you need to fix the period itself, and close it again when you’re done.