How to close an accounting period or year

Accounting periods

Open Accounting > Periods. Press New Period to add one, with a name and start and end dates.

When a period is finished, open its menu and choose:

• Soft Close - locks it, but an admin can Reopen it with a reason.
• Hard Close - locks it permanently.

Closing the year

Open Year Close. Choose the Period and press Close Period, then Post Closing Entry. Net income for the year is transferred to retained earnings. Only an owner or admin can do this, and a posted close can be reversed if needed.

Good to know

• Close a month once your bank is reconciled and your accountant is happy with it.
• The Health tab reminds you about periods still open.