Title: Perform Period Closings


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## Period Closings  ##

To perform period closings or to open a closed period, select the Perform Period Closings option under Accounting - General Journal - Perform Period Closings, as shown below.  By closing a period, you prevent any transactions from being posted into the closed period.  If you need to post a transaction to a closed period, the period must be opened first.  Be sure to close the period after performing your transaction.  

>![Image](media/PeriodClosingsMenuItem.JPG)
>PeriodClosingsMenuItem.JPG


To view, close or open a period, click on the Perform Period Closings menu option to open the Perform Period Closings window as shown below.

>![Image](media/PeriodClosings.JPG)
>PeriodClosings.JPG


This example shows all the periods in the current fiscal year period.  A check mark to the left of the period indicates that period is closed.  A check box to the left of the period indicates that the period is still open.

If you are ready to close a period, simply click on the check box to the left of the period and then click on the Close Period button.  A check mark will appear to the left of the period indicating that it has been closed.  

Transactions cannot be posted to closed periods.  If a transaction is attempted to a closed period the user will see a warning message noting that the period is closed and they will not be allowed to continue unless they adjust the dates of the transaction to reflect an open period.

If you need to open a closed period, simply click on the check mark to the left of the closed period.  A message box will appear asking if you are sure that you want to open the period.  If you want to proceed with opening the period, click on the OK button and the period will be opened. 

## Closing the Year  ##

Once all periods in a fiscal year have been closed, the Close Year button will appear next to the Close Period button as shown below.

>![Image](media/ClosingYear.JPG)
>ClosingYear.JPG


The year end closing process creates the closing account entries for the year being closed.  The account balances will be balanced to zero and retained earnings will be moved forward into the new fiscal year.  Click on the Close Year button and a list of your accounts with their ending balances and the closing entry balances will be displayed for review.

>![Image](media/ClosingYearDetail.JPG)
>ClosingYearDetail.JPG


After reviewing the account ending balances and if no adjustments need to be made, click on the Close Year button to complete the year end closing.

After the year has been closed, you can make adjustments for the closed year if necessary.  These adjustments may be manual journal entries, or you can open the appropriate period(s) to process your transactions.  Once the adjustments have been made you will have to run the Close Year process again to create the closing entries for any accounts that have been modified since the last Close Year process was run.  Only the accounts that have been modified will be displayed in the Year Closing window.  To complete the process click on the Close Year button and the fiscal year will be closed.