Fiscal Calendar, Period Close, and Year-End

Fiscal years and periods decide which dates accept accounting activity. Closing protects reviewed balances from later changes.

Fiscal Years

Open Financial Calendar → Fiscal Years. The list shows Name, Starts On, Ends On, Status, and Base Currency. Create or edit a year with Branch, Name, Start Date, End Date, Status, and Base Currency. The detail page lists its periods and year-end evidence.

Date ranges must be continuous and appropriate for the branch. Base currency is the ledger's reporting currency; changing it after activity exists is not a routine edit.

Periods

Open Financial Calendar → Periods. Filter by fiscal year, status, and period type. Columns show name, year, type, start/end dates, and status. Open a row for the close workspace.

Period status	Meaning and effect
Open	Normal authorized posting is allowed.
Soft Locked	Posting is restricted according to permission and close policy while the period is reviewed.
Locked	Posting is blocked except through an explicitly authorized correction process.
Closed	Normal posting is blocked and balances are treated as finalized.

Fiscal years have a separate lifecycle: Draft, Open, Closing, Closed, and Archived. A period close run also has its own status: Draft, Pending Approval, Rejected, Closed, or Reopened. These workflow statuses do not replace the period's Open, Soft Locked, Locked, or Closed status.

Close a Period

Open → Start Close → Complete tasks → Refresh readiness → Submit → Approve & Close
                                                     ↘ Reject → correct → resubmit
Closed → Reopen with reason → correct → close again

1. Open the period and choose Start Period Close.
2. Review every close task. Mark Completed only after performing the task and attach/enter evidence where offered.
3. Select Refresh Readiness to recheck posting, reconciliation, and configuration evidence.
4. Resolve blocked postings, draft journals, control differences, missing mappings, or other failed checks.
5. Enter close notes and Submit for Approval.
6. An authorized checker reviews the frozen evidence and chooses Approve and Close or Reject with a reason.

Closing prevents routine back-dated changes. Rejecting does not post or reverse anything; it returns the run for correction. Reopening requires permission and a reason, preserves the prior close, and allows controlled corrections.

Before closing

• All operational events for the period are complete.
• Posting Logs have no unexplained failed or blocked events.
• Draft journals have been posted or intentionally removed.
• Bank statements and control accounts are reconciled.
• Supplier/customer, tax, cash, inventory, payroll, delivery, gift-card, and gratuity controls agree where applicable.
• Depreciation, schedules, allocations, FX revaluation, provisions, and accruals due for the period are posted.
• Financial statements have been reviewed.

Year-End Close

Open the last fiscal year's detail page and use Year-end Closing only after every period in that year is closed.

1. Select the later Receiving Fiscal Year with an open receiving period.
2. Select Retained Earnings Account and Opening Equity Account.
3. Add notes and choose Preview.
4. Review net income, temporary accounts (revenue and expense), permanent-account opening balances, and the generated balanced draft closing/opening journals.
5. Submit for approval. A finance controller approves or rejects.

Approval posts a closing journal that transfers temporary balances into retained earnings and an opening journal that carries permanent asset, liability, and equity balances into the new year. The preview must be refreshed if ledger evidence changes after submission.

The year-end close record moves through Draft, Pending Approval, Posted, Rejected, or Reversed. Posted means the closing and opening journals were created successfully; Reversed means compensating evidence was posted without deleting the original close.

Reversing year-end

Use Reverse only for a posted year-end close and enter a reason. Reversal is blocked if the receiving year already contains later posted activity that would make reopening unsafe. Relocate or reverse that later activity through its proper workflow first.

Common Problems

Message or symptom	What to do
Periods not closed	Close every period in the year before year-end.
Receiving year not ready	Create/select a later fiscal year with an open period.
Draft journals missing or unbalanced	Refresh preview and correct account configuration.
Ledger evidence changed	Refresh readiness/preview, review differences, and submit again.
Posting rejected after close	Use an open correction period or request authorized reopening; do not change dates merely to bypass control.

See Statuses, Corrections & Troubleshooting for correction rules.