Period End

View - Accounting - Period End

The Accounting year is divided into 13 periods, one for each month and one for year-end allocations. To be able to use automatic entries with VAT return, it is necessary to close each accounting period as they are completed. You can close the period once all expenses and revenues relating to the period have been entered.

Tip! Separate rules apply when closing periods 3, 6, 9 and 12 because these normally mark the end of a VAT Quarter. When you close one of these periods, the VAT return will automatically be printed. A wizard takes you through the procedure for approval of VAT returns.

VAT returns can be printed at any time from the report module.

How to perform Period End

Select View - Accounting and Period End.
Select which Period of which Accounting year you want to close.
Click Next.
Click Complete.

You have now successfully completed Period End.

Important! When you have selected to close a period, you lose the opportunity to create, edit or delete journals for this period. Also be aware that you cannot re-open a closed period.