Period closing
At year-end, Demo School has completed its reconciliations and approved its financial reports. The finance lead now prepares the closing entry that transfers the income-and-expense result to the designated equity account. This is separate from simply hiding or closing a month in the interface.
On this page
Complete the review firstPrepare and review the closeWhat posting changesThe close cannot proceedContinue withComplete the review first
- Reconcile bank, receivable, payable and stock control accounts. Resolve required draft postings and opening-balance differences.
- Review currency revaluation and other approved period-end adjustments.
- Confirm the fiscal year, closing date and equity account with the reviewer. Retain the supporting reports.
Prepare and review the close
- Open Accounting > Period close > Period close and select Prepare close.
- Choose the fiscal year, closing equity account and From/To dates. Enter a review note.
- Select Save and review close, or use Save draft to stop before the review step.
- Inspect the proposed journal, including account, segment, debit and credit totals.
- Read and acknowledge the lock impact before confirming the closing posting.
What posting changes
The closing journal transfers the selected income-and-expense result to the closing equity account. A completed close also locks periods through its posting date. Preserve its review evidence and journal reference.
Reopening an ordinary accounting period does not reverse a completed closing voucher. Do not post a manual counter-entry as a substitute for the governed correction process.
The close cannot proceed
- Review the reported account, date or existing-close conflict.
- Check that the equity destination has the required type and currency.
- If another user changed the record, refresh and review the new proposal before confirming. A previous preview is not approval of a changed journal.