Closing a Fiscal Period

The fiscal period organizes all batches within that period, allowing staff to easily see all batches within that period, run a mass ledger, and recognize deferred revenue. Closing the fiscal period indicates that all batches have been reviewed and posted successfully, and that no additional batches or transactions should be added.

To close the Fiscal Period:

1. Open the Fiscal Year for the period to be closed.

2. Click the Fiscal Periods tab.

3. Locate the oldest open fiscal period and click Edit.

4. In the Fiscal Period:

   • Ensure that all deferred revenue has been recognized.

   • Ensure that all batches are closed and posted.

5. On the Overview tab, click the Close Period button.

The system automatically checks whether all previous fiscal periods are closed, all deferred revenue has been recognized, and all batches are closed and posted. If the fiscal period meets all of these qualifications, click the Close this period button.