The "Open/close financial periods" screen lets you control which sub-periods within a financial period are open for posting. Each sub-period can be closed individually, so you have control over when transactions can be posted in a given period.
When a financial period is closed, it ensures that all transactions are correctly posted and that accounts are reconciled. Closing prevents unintended changes to periods that are already completed and is a prerequisite for generating accurate financial reports such as balance sheets and income statements.
If you cannot see the menu item, you most likely do not have permission for it. Contact support.
From Financial select Setup and then Open/close financial periods. You will now see an overview of all financial period sub-periods in the system.
Access to the screen requires the navigation permission ConfigureFinancialPeriodParts. If you have not been assigned this permission, the menu item will not be visible to you.
The list shows all sub-periods sorted by start date in ascending order by default. You can click the Start date column to change the sort direction.
See How to search in lists for more about searching and filtering.
Fiscal year: Shows the formatted date range for the financial period that the sub-period belongs to. The column is calculated and automatically combines the start and end date of the parent period.
Current: A check mark that is set if the sub-period's parent financial period is the current period in the system. Only one period can be current at a time.
Start date: The date the sub-period begins. The column supports sorting and is sorted ascending by default.
End date: The date the sub-period ends.
Display name: The name assigned to the sub-period as free text.
Closed: A check mark that is set if the sub-period is closed for posting. A closed period does not accept new invoices, purchase invoices or manual entries, unless the user has a special permission to post in closed periods — in which case a warning is shown that the period is closed.
The Close / Open button is a single context button whose text changes dynamically depending on the state of the selected row:
If the selected sub-period is open, the button shows the text Close. Click the button to close the period. The Closed column is then marked with a check mark for that sub-period.
If the selected sub-period is closed, the button shows the text Open. Click the button to reopen the period. After opening, posting can take place normally in the period again.
The button is only active when both of the following conditions are met:
A row in the list is selected.
The user has been assigned the permission CloseOpenFinancialPeriods. If you do not have this permission, the button will appear inactive even if you have selected a row. Contact an administrator to have the permission assigned.
If you need to create a new financial period, you can follow our guide here.
If you have any questions, you are welcome to contact support.
Want to know more?
Read more in these related articles:
Financial periods (fiscal years)
Create, edit and manage your financial periods (fiscal years) in Sapera. Learn about splitting into sub-periods, marking the current period and validating dates.
Accounting - Open/close financial periods
This article explains how to open and close financial periods (year, quarter or month) in Sapera
Accounting - Financial periods
This article explains how to create and manage financial periods in Sapera
