You can run a period and year end for the debtors, creditors, and financials ledgers. The current period for the financials ledger can be the same as debtors and creditors but can never be later as it is used as the base for all transactions you post.
There are two types of period end:
Hard close: Once run, this will prevent you from posting transactions to that period in the ledger, irrespective of your user profile.
Soft close: Also known as working period. You can continue posting to the period depending on your user profile. This is particularly useful at year end where you may need to post adjustments, but standard transactions update at a later period.
Run a period or year end
Click either Debtors, Creditors, or Financials then select Utilities.
Select Period End.
You have three options available:
Outstanding Orders
Aged Credit or Debt
Batch
3. Select the Carry out a dropdown and select from one of the following options:
Period End | If the current trading period is earlier than the last one of the years. |
Year End | Where the current trading period is the same as, or greater than, the last one of the years. |
Soft Close | Select this manually if you want to perform a soft close. |
4. To complete your period or year end, click Process.