Closing a period updates the trial balance, posts recurring and reversing adjustments, and advances the open period (typically, either the current open period or the oldest of the open periods) to the oldest next available period.
If you have entered recurring or reversing journal or adjusting journal entries, you must close the period before printing your financial statements. Adjustments are included in the beginning balance for the next period.
If, after closing a period, you discover that data has been missed, you can reopen the period and close it again after entering any necessary activity. If recurring and reversing journal entries were posted, they are retained in the following period. You cannot reopen a period within a closed year.
You can enable the automatic archiving option from the Firm Administration>Firm Options screen to automatically archive reports for a closed period to the specified folder in Cloud Cabinet. In addition, you can select the automatic email option from the Setup>Company>Preferences screen to automatically email reports to the specified client when you close a period.
To close or reopen a period:
From the Trial Balance>Close Period screen, select the Close option to close a period or Reopen to reopen a period.
By default, the oldest open period is selected to close.
Note: You cannot reopen a period that is in a closed year.
Click either Close Period or Reopen Period from the action bar.
If you enabled the Auto-Archive Closed Period option on the Firm Options screen, the system uploads period-end reports to Cloud Cabinet for the client. If you selected the Email Closed Period Reports option on the Preferences screen, these period-end reports are emailed to the specified client when you close a period.
For more information about:
Trial balance, see Review Trial Balance
Adjustments, see Add or Edit Adjustments
Setting firm options, see Set Firm Options
Setting preferences, see Configure Company Preferences