Financial Year
A financial year belongs to a Financial Calender and is split into periods. Each period has a status. A document dated in a Closed period is refused, unless a special condition on that period lets its journal (or its user) through. This is where the books are closed month by month.
What it is for
On Create the screen builds the periods for you from Date From, Date To and Period Unit. Every document takes its financial year and period from its posting date: the Operating period that contains the date.
The rule people get wrong: closing a period is not a separate screen. You Edit the year and set the period's status to Closed. You cannot close a period while journal vouchers dated in it are still parked.
Every field in plain words
Header
| Field | What it means | What to put |
|---|---|---|
| Financial Year | The code of the year, such as 2026 or FY26 | Required. Unique |
| Fiscal Calendar | The calendar | Required. Picking it fills Date From with the day after the calendar's last year |
| Date From, Date To | The first and last day of the year | Date From is typed only for the calendar's first year |
| Period Unit | The length of a period: monthly, quarterly, yearly or days | Required |
| Period | How many periods to build | Required. Leave 1 with monthly periods: see below |
Periods (made on Create)
| Field | What it means | What to put |
|---|---|---|
| Period Catogery | Opening, Operating or Closing | Made by the system. Only Operating periods take documents |
| Period | The period number | Made by the system |
| Period Name | Its name | Change it to "July 2026" if you like |
| Date From, Date To | The days in it | Made by the system. Read only |
| Period status | Open or Closed | Set Closed to stop posting |
| Special Condition | Who may still post in a closed period | Opens a sub-grid, see below |
| Line Text | Text | Optional |
Create builds an Opening period, one Operating period per month (or quarter, or year), and a Closing period. The last Operating period runs to the year's Date To.
Special Condition (per period)
| Field | What it means |
|---|---|
| Journal | The journal nature that may still post |
| Journal Indicator | Narrows to one indicator; empty means none |
| Date From, Date To | The days of the period it applies to. Filled with the period's dates |
| Base On | Optional: a user, or a user group |
| Base On Value | The user (or group) |
A closed period accepts a document when a condition line matches its journal nature and indicator and its date, and, when Base On is a user, the user saving it.
How to configure it
- Create next year's Financial Year before the year starts. Without it every document dated in the new year is refused.
- Keep Period at 1 with monthly periods. With a larger number the screen still makes one-month periods but fewer of them, and the last one stretches to the end of the year.
- Weekly is offered as a Period Unit but builds no periods.
- The Opening period has the same period number as the first Operating period, and the Closing period the same number as the last one. The closed-period check looks a period up by its number, so give the Opening period the same status as the first month, and the Closing period the same status as the last month.
Scenarios
- Close June, but let the auditor's adjustments in. Set June Closed. Add a special condition: Journal = journal voucher nature, Base On = User, Base On Value = the chief accountant.
- Stock and sales are closed, but payroll posts late. Close the period and add a special condition for the payroll journal nature only.
What it is connected to
- General Entry and every posting document - refused in a closed period.
- Batch Posting - posts parked vouchers so the period can close.
- Month-end close.
If something looks wrong
- "You cannot close Period ... because Park entries still exist." Post the parked vouchers on Batch Posting, or delete them.
- "Document cannot proceed - Fiscal Period: ... of Fiscal Year: ... is closed" on a document: reopen the period or add a special condition.
- "Financial Year not found." / "Fiscal period not found of date ..." No Operating period of the company's calendar covers the date. Create the year.
- "... Period ... - Dates Out of Range" A period or special condition falls outside the year or the period.
- "... Special Condition - Line ID: ... is duplicated with Line ID: ..." Two condition lines for the same journal and indicator (and user).
- "... Special Condition - Line ID: ... - Base On Value cannot be empty" Pick the user or group.
- A special condition for a user group lets everyone through. Only a condition for a single user checks who is saving. Use one line per user.