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Accounting periods define the fiscal year calendar and control which dates are open for entries. Closing a period protects the accounting information once it has been reconciled.

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Period statuses

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Monthly close process

1

Verify that all the month's entries are processed

Go to Journal Entries and check that no drafts remain pending.
2

Reconcile bank accounts

Make sure the month’s bank movements are reconciled.
3

Review the reports

Generate the Trial Balance to verify that the balances add up.
4

Close the period

Go to Accounting → Settings → Periods, find the month and click Close Period.
Once the period is closed, entries cannot be recorded or modified on those dates. Reopening a period should only be done for specific corrections.

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Reopen a period

If you need to correct something after the close:
  1. Go to Accounting → Settings → Periods.
  2. Find the closed period.
  3. Click Reopen.
  4. Make the necessary corrections.
  5. Close the period again.