Period Close

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Open Period Close

The page shows open, pending approval, and closed accounting periods. It also suggests recent periods that are still open so accounting can review them before new activity drifts into old dates.

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What Should Be Done First

• Post or delete draft journal entries that belong in the period.
• Approve or reject journal entries waiting for approval.
• Complete bank reconciliation for cash accounts that need review.
• Review open vendor bills and AP aging.
• Review outstanding AR and collections items.
• Review marketplace clearing balances and pending payouts.
• Run reports and compare expected balances before locking the period.

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Choose The Close Path

• Close: closes the period directly when your role has close permission and the checklist passes.
• Request Close: moves the period to pending approval so another authorized user can review it.
• Approve Close: completes a requested close. The approver must be different from the requester when separation of duties applies.
• Reopen: unlocks a closed period for a legitimate correction, then requires the period to be reviewed and closed again.

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Close A Period

1. Open Accounting.
2. Open Period Close.
3. Use the suggested period or click Close Period for a custom date range.
4. Enter the period name, start date, and end date when using a custom range.
5. Click Review Checklist or Close.
6. Review every checklist item.
7. Use the checklist links to fix blockers before closing.
8. Acknowledge non-blocking warnings only after they are understood.
9. Close the period or request approval, depending on your permission model.

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Checklist Items

The pre-close checklist looks for accounting work that can change the period. Some items block the close. Others are warnings that accounting can acknowledge after review.

• Unposted journal entries: blocking items that need to post, be deleted, or move to a later period.
• Entries pending approval: blocking items that need an approve or reject decision.
• Bank accounts needing reconciliation: warning items for cash accounts that still need bank statement review.
• Open AP bills: warning items that can affect liabilities and expense timing.
• Outstanding AR: warning items that can affect receivables review, collections, and bad-debt decisions.
• Clearing-account drains: marketplace clearing balances that should have a pending payout or a reviewed reason. Unexplained clearing drains can block close. Treat warning rows as review work, not as decoration. A warning can still point to an item that accounting policy requires you to resolve before final close.

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Marketplace Clearing Review

Period close checks marketplace clearing balances because platform activity often posts before the bank payout arrives. A pending payout can explain a clearing balance. An old balance with no pending payout needs review before close.

• Open the payout link from the checklist when a clearing row appears.
• Confirm the platform, payout date, net amount, and posting status.
• Match posted payouts to bank feed deposits during bank reconciliation when the bank transaction arrives.
• Document any expected timing difference before acknowledging the warning.

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Blocking Issues Versus Warnings

• Blocking issues must be fixed before a normal close can proceed.
• Warnings can be acknowledged only when accounting has reviewed the risk.
• Admin force close may appear for authorized users when policy allows an override.
• Force close reasons are required and become part of the audit trail.

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What Closing Does

• Locks the date range so ordinary backdated postings cannot change prior financial results.
• Records who closed or approved the period and when the action happened.
• Stores an integrity snapshot so later changes can be audited if the period is reopened.
• Feeds period-close review status into accounting dashboards and month-end routines.

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Reopen A Closed Period

Reopening allows new postings inside a previously closed date range. Use it only when the business has a legitimate correction that cannot be posted in the current period.

1. Find the closed period row.
2. Click Reopen.
3. Enter a clear reason for reopening.
4. Make the correction.
5. Review the period again and close it when complete.

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Common Problems

• Close button is disabled: review blockers, permissions, pending checklist load, or warning acknowledgment.
• Journal entries block close: post, approve, reverse, or delete the entries before closing.
• Clearing account blocks close: review marketplace payouts and confirm whether a pending payout explains the balance.
• Cannot approve close: another user may need to approve if separation of duties is enabled.
• Need to correct a closed period: use reopen with a reason, or ask accounting leadership whether to post a current-period adjustment.

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