Open and close the books the ledger enforces.
Fiscal years and monthly periods provision on first posting. Close a period and postings into it are refused — year-end close moves P&L to retained earnings as a posted journal you can preview and reverse.
Apr
CLOSED
May
CLOSED
Jun
CLOSED
Jul
OPEN
Aug
OPEN
Sep
OPEN
Close is not a checklist item.
Periods fail when status is social, year-end is blind, and reopen erases the trail. The ledger should refuse closed months — and show its working before year-end moves retained earnings.
Close as a wiki status
“July is closed” lives in a checklist. Journals still post into it because the tool never refused — process without a gate.
Year-end as a leap of faith
Zeroing P&L without a preview means controllers discover the net result after the close already moved the books.
Reopen by deleting history
Undoing a close by scrubbing entries. Auditors ask what changed; the trail has a hole instead of a reverse.
Two states. One gate.
OPEN and CLOSED are first-class. Reopen when you need to — the decision is explicit, not a side effect of year reopen.
OPEN
Open for operations
Journals, bills, and payments can post into the period. Day-to-day finance runs here.
CLOSED
Locked against postings
Closing a period locks its books. Attempts into it are refused with PERIOD_CLOSED — not a wiki reminder.
The calendar appears when work starts.
You do not build twelve empty months before the first bill. The year and its periods land with the first posting — then controllers close what is done.
- First posting provisions the fiscal year and its monthly periods
- No blank calendar to configure before anyone can operate
- Fiscal year start month lives in Finance settings when you need a non-calendar year
- Current period surfaces on the finance cockpit so operators know where they are posting
Show the working before you close.
A year-end close moves every P&L balance in the organisation. Preview is not a nicety — and reopen posts the opposite entry rather than deleting history.
01
Preview first
See net result and what would move to retained earnings before anything posts. Year-end is not “run and hope.”
02
Close the year
Zeroes every income and expense account and posts the result to retained earnings — as a journal you can inspect.
03
Reopen with a reverse
Reopening reverses the closing entry (reason required). Periods stay closed until you reopen the ones you actually need.
Close preview · FY 2025–26
- Net result
- $428,600
- Moves to
- Retained earnings
- Open periods
- Closed to posting
Foreign currency that shows its working.
Period close often needs open FX restated. Revaluation posts with a next-day reverse — not a permanent rewrite of unpaid documents.
Revalue as at a date
Usually the last day of the period being closed — restates unpaid foreign-currency bills and invoices at that rate.
Preview before post
See net gain or loss and documents affected before the revaluation journal lands.
Reversal next day
The entry reverses the next day so the movement is reported once per period and again in full when the document settles.
Closed means refused.
Period status is not decoration. Journals and documents that target a closed period are stopped — and the refusal is recorded.
Close periods the ledger will defend
OPEN and CLOSED that refuse postings, year-end with preview, and reopen that reverses — not a wiki checklist.