Closing a Fiscal Period

The fiscal period organizes all batches within that period, allowing staff to easily see all transactions, 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.

Note: Once a fiscal period is closed, it cannot be re-opened.

To close the Fiscal Period:

  1. Navigate to the Business Unit > Setup > Fiscal Years.

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

  3. Click the Fiscal Periods tab.

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

  5. In the Fiscal Period:

    • Ensure that all batches are closed and posted.

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

An image of the Fiscal Period, highlighting 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.

An image of the Fiscal Period, highlighting the Close Fiscal Period window.

Once all periods in a fiscal year are closed, the fiscal yearis automatically considered closed.

Note: A fiscal period is part of the fiscal year. These allow for the management of batches and recognition of revenue within a specific period of the fiscal year. Batches in the system are organized and linked to fiscal periods. Typically there are 12 fiscal periods within a fiscal year.

See also: The Month End Close Process