How to close the period

After all entries have been recorded, they must be checked. Additionally, a trial balance or period balance can be printed, indicating whether unprocessed entries should be presented. This allows for the provisional result to be checked before the transactions in all journals are definitively processed.

Step 1: Check the entry reports

View the entries of the period on the screen via the Ledger Accounts module or print ledger cards. Then, assess via the standard report Trial Balance (8627) whether there are any exorbitant amounts on (incorrect) ledger accounts. Finally, check the VAT declaration on the screen. Ensure no amounts are missing or stand out. Close the VAT period.

Step 2: Close the period

Open the Financial Transactions module and process - if all entries are correct and after any corrections have been made - all entries for the relevant period. Then open the Periods table and close the period after the entries have been processed. This prevents the result and/or the VAT declaration from changing. Close the period for all entries after all hours have been processed.