How to Close an Accounting Period

In this system, accounting periods and year ends are managed automatically based on pre-configured financial calendars. There is no need to manually close each period; however, you can and should prevent back posting once a period has been finalised. This safeguards the integrity of your accounts and ensures that prior-period reports remain accurate and unchanged.

Closing an accounting period in this context means stopping users from posting dated entries into a past period.

How Periods Work in the System

• The system is pre-loaded with your financial year and period dates.

• It will roll forward automatically as each month ends—no manual close process is required.

• Reports and postings will continue seamlessly into the next period without intervention.

However, to enforce control, you must manually restrict users from posting into past periods.

How to Lock a Period (Prevent Back posting)

To stop users from backdating transactions into a previous accounting period:

1. Go to Accounts > Nominal Ledger > Utilities > Setup > Back Posting Prevention.

2. Enter the cut-off date you want to enforce.

   • Any transaction dated before this cut-off date will be blocked.

   • This applies to all users unless they have override permissions.

3. Save your changes.

This effectively closes the period for posting while still allowing full visibility and reporting.

Important Considerations

• Set this date only after you're confident the period is fully reconciled (e.g. all supplier invoices, journals, and adjustments are complete).