Fiscal Periods & Year-End

Fiscal periods control posting windows, and year-end close finalizes annual books.

Where to find it: Sidebar > Tax & Compliance > Period Management

14.1 Generating Fiscal Periods

Go to Fiscal Periods and generate periods based on your fiscal year settings.

If your fiscal year does not start on January 1, Accounting labels the year-end workflow by the fiscal year ending year.

14.2 Period Close Workflow

Each period can carry checklist items. Required checklist items must be completed before close when your period-close mode requires them.

14.3 Period Status

• Open
• Closed
• Locked

14.4 Reopening a Period

Closed periods can be reopened with a reason.

14.5 Locking a Period

Locked periods become read-only.

14.6 Year-End Close

Use Year-End Close to:

1. Create a year-end record using the default fiscal year, start date, and end date suggested from your fiscal calendar settings
2. Review the checklist preview before saving the year-end record
3. Work through the checklist on the year-end record
4. Review the financial summary
5. Clear all close blockers before closing, including:
   • incomplete checklist items
   • open invoices inside the fiscal year
   • open bills inside the fiscal year
   • in-progress bank reconciliations inside the fiscal year
   • open tax filing periods inside the fiscal year
6. Close the year once the checklist and operational blockers are cleared

14.7 Financial Package

After close, use Generate Package to create the year-end PDF package.

14.8 Reopening a Closed Year

You can reopen an inappropriately closed year-end record when corrections are required.

Reopening reverses the generated closing entries and reopens the affected fiscal periods so corrections can be posted before you run the close again.