Financial years and periods
Every entry must fall inside a period. The page lists each financial year and its periods with their dates and status. Periods are numbered within the year, not by calendar month: a company whose year starts in April sees April as period 1, and its first quarter as April to June.
Opening the next financial year
Your first financial year is created when the workspace is set up. Every year after it is opened here. Anything dated after the last period that exists is refused with No accounting period covers … Open the financial year it belongs to on Periods first.
- Open Accounting › Periods. Under Financial years it says Your books run to the last day of your latest year.
- Press Open the next financial year. The year starting the day after the last one ends is created, with its twelve monthly periods, all open.
Closing and reopening a month
- When a month is finished — invoices entered, bank reconciled, depreciation posted — press Close on its row.
- Posting into a closed period is refused: “… is closed. Reopen it, or post to an open period.”
- If something must go into a closed month, press Reopen, post it, and close it again.
The lock date
- Under Lock date, enter the date in Locked up to and including and press Save.
- From then on, nobody may post on or before that date — except people whose role can close periods, so an adviser can still post year-end adjustments.
- Press Clear to remove the lock.