How to Open and Close Accounting Periods

Accounting periods are created, closed, and reopened using the Periods tab on the Accounting Setup screen. You should establish accounting periods to assist with good internal control policies throughout your organization. Users are only allowed to enter data in accounting periods that are open - basically, transactions cannot be processed if the current Accounting Period is not open or does not exist.
 

What Do You Need to Know?

•  Gaps cannot exist between accounting periods.

•  Accounting periods cannot be deleted - only opened or closed.

•  Accounting period name and dates cannot be edited once the period is closed.

•  Accounting periods must be created oldest to newest.
   

How to Create a New Accounting Period

Just prior to the current month ending, administrative personnel will need to open the next accounting period; however, if an Accounting Period does not exist on the first day of a new month, Evosus will auto-create the Accounting Period so that users can conduct business as usual for the month.

1. To create a new Accounting Period, got to Administration > Accounting > General Setup > Accounting Periods.

2. Click Add and enter a name for the new Accounting Period such as "May 1 thru May 31 2005". 

3. Select period Start Date and End Date. 

4. Click OK to save.

How to Close an Accounting Period

Once a period is complete (the month ends), administrators can close that period to prevent anyone from posting transactions to it. If period end adjustments are required, administrative users can reopen the period and post the necessary adjustments. Generally speaking, only the current and prior period should be open at any given point in time.

To close an Accounting Period, select Update or double-click the accounting period, click Close Period and click OK to save.

You cannot close an accounting period if the following conditions exist:

• Un-posted transactions exist in the period.

• Hold Posting (on hold) transactions exist in the period.

• Items exist in the Returns Pending Queue

• A prior period is still open.

How to Reopen an Accounting Period

1. Select Update or double-click the accounting period

2. Click Open Period

3. Click OK to save. Note: you cannot reopen a closed accounting period if the future period is closed. You must reopen Accounting Periods in consecutive order. For instance, March and April are closed accounting periods, but you need to reopen March. You must reopen April first, then March.

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