Appearance
Fiscal Periods
The Fiscal Periods page lets you generate and manage accounting periods within a fiscal calendar.
Navigation: Administration → Financial Setup → Fiscal Periods
What Is a Fiscal Period?
A fiscal period is a time span (typically a month) within a fiscal year during which transactions are recorded. Fiscal periods control:
- When transactions can be posted — Only to open periods
- Period-end reporting — Trial balance, P&L, and balance sheet per period
- Month-end and year-end closing — Periods are closed sequentially
TIP
GL posting does not depend on period status alone. Backdated posting, posting lag days, future posting, and adjustment periods all affect whether a selected journal date is still postable.
Fiscal Period Table
| Column | Description |
|---|---|
| Period Name | Auto-generated name (e.g., "January 2025", "Period 1") |
| Start Date | First day of the period |
| End Date | Last day of the period |
| Period Number | Sequential number within the fiscal year |
| Status | Open, closed, or not yet open |
| Fiscal Calendar | The parent calendar |
Generating Periods
Fiscal periods are typically generated automatically when a fiscal calendar is created. The system divides the fiscal year into monthly periods.
For a January–December fiscal year, the system generates 12 periods:
| Period | Start | End |
|---|---|---|
| Period 1 | 1 Jan 2025 | 31 Jan 2025 |
| Period 2 | 1 Feb 2025 | 28 Feb 2025 |
| ... | ... | ... |
| Period 12 | 1 Dec 2025 | 31 Dec 2025 |
Period States
Each period has a lifecycle:
NOT YET OPEN → OPEN → CLOSED| State | Description |
|---|---|
| Not Yet Open | Future period — no transactions can be posted |
| Open | Current or past period accepting transactions |
| Closed | Period-end completed — no further postings allowed |
Business Unit Period States
Periods can be opened and closed independently per business unit. This allows:
- Head office to keep a period open while branches close it
- Different branches to close their periods at different times
- A controlled month-end close process
Common BU period states include:
- NOT_OPENED
- OPEN
- SOFT_CLOSED
- CLOSING
- HARD_CLOSED
- LOCKED
SOFT_CLOSED may still allow controlled posting if the GL configuration permits it.
Opening a Period
- Select the period from the table
- Click Open Period
- Select the business unit(s) to open it for
- Confirm
WARNING
Periods should be opened sequentially. You cannot open Period 3 if Period 2 is still "Not Yet Open".
Closing a Period
- Select the open period
- Click Close Period
- Select the business unit(s) to close it for
- Confirm
WARNING
Once a period is closed, no further transactions can be posted to it. Ensure all entries are complete before closing. Reopening a closed period requires administrator approval.
In practice, posting eligibility can still depend on:
- posting lag days for the immediately preceding closed period
- whether an adjustment period is open
- whether the user is posting from back office or teller workflow
See Posting Dates and Periods for the full posting-date model.
Next Steps
- Posting Dates and Periods — Understand lag windows, future posting, and adjustment periods
- Denominations — Configure currency denominations
- Chart of Accounts — Set up your GL account structure