Periods and year-end closing

A period usually covers one fiscal year. Entries can only be booked in an open period. Manage them under Settings → Accounting → Periods.

Periods

nullish creates the current calendar year when you create your organization. To add the next one, choose Create a period: the dates are prefilled for the following year.

Your fiscal year doesn't follow the calendar, or your first year is shorter or longer? Set the Start date and End date freely. Periods just can't overlap.

Close a year

Closing a year books its result and carries your balances over to the next year.

1. Close the year's VAT periods.

2. Make sure the next period exists. Create it if needed.

3. On the year's period, choose Close.

nullish then books two entries:

• Annual result, on the last day of the year: the profit or loss is moved to your equity.
• Opening balance, on the first day of the next year: the balances of your assets, liabilities and equity are carried over.

For a sole proprietorship, the private account and capital contributions and withdrawals are also brought together on the capital account.

Caution

Once closed, nothing can be booked or changed in that year anymore. There's no reopening, so check your balance sheet first.

Only mark it as closed

When the closing entries are already in your books, for example after a migration, tick Only mark it as closed. nullish locks the year without booking anything.

Years have to be closed in order, the oldest first.