Close the period
The month is closed: COGS is posted and the month's reports stop changing.
Before you start
- The first five checklist rows are Clear, see the tutorial Clear the pre-close checklist.
- The month's depreciation is posted.
- Access to close periods.
Steps
Step 1: Make sure the checklist is clear
Click Refresh checklist and make sure the first five rows are Clear. The Period status row only clears after closing.
Screenshot coming soon
The checklist with the first five rows Clear.
Step 2: Close the period
In Close this period, click Close Period. Read the confirmation: the period can only be restored by reopening it. Click Confirm Close.
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The Close this period section with the confirmation and the Confirm Close button.
Step 3: Check the period status
The page shows Period closed, and the Status in the summary changes to closed.
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The Period closed message with the closed status in the summary.
When you are done
- The period status becomes closed and the inventory close (COGS) journal is posted.
- Journals, imports and documents with a posting date in that month are refused until the period is reopened.
Common problems
The Close Period button can't be clicked
Some checklist items are not cleared. Clear every row that Needs attention, then refresh the checklist.
The period can't be closed although the checklist is clear
Finday also checks that cash and bank, inventory and payroll tie to the general ledger. Contact the Finday team to find the difference.
A message says the period failed to close
An earlier month was reopened and not closed again. Close the earlier month first, then this one.
Something still unclear?
Ask us on WhatsApp. The Finday team replies during office hours and can walk you through it in your own account.