Use the Close fiscal period process to close a fiscal period. Closed fiscal periods have the Period closed check box selected.
Journal entries exported when the journal date falls in a closed fiscal period are automatically assigned the next open fiscal period when they are being exported. This prevents changes to financial reports that have been drawn up on the basis of the closed period.
Tip: If you have erroneously closed a period, delete the relevant period and then add it again.
Example
The following journal entry is ready to be exported:
Ledger account |
D |
C |
Journal date |
Fiscal period export |
Exported |
Debtors |
1190 |
|
March 28, 2012 |
|
|
To Turnover |
|
1190 |
March 28, 2012 |
|
|
The fiscal period table is set up is as follows:
Year |
Fiscal period |
Start date |
End date |
Period closed |
2012 |
03 |
March 01, 2012 |
March 31, 2012 |
No |
2012 |
04 |
April 01, 2012 |
April 30, 2012 |
No |
If the journal entry is exported based on these settings, the journal entry is assigned fiscal period 03. Following the export, the journal entry looks as follows:
Ledger account |
D |
C |
Journal date |
Fiscal period export |
Exported |
Debtors |
1190 |
|
March 28, 2012 |
03 |
Yes |
To Turnover |
|
1190 |
March 28, 2012 |
03 |
Yes |
If period 03 was already closed at the time of export, the journal entry would have been assigned fiscal period 04. The fiscal period table will then look as follows:
Year |
Fiscal period |
Start date |
End date |
Period closed |
2012 |
03 |
March 01, 2012 |
March 31, 2012 |
Yes |
2012 |
04 |
April 01, 2012 |
April 30, 2012 |
No |
The journal entry will be:
Ledger account |
D |
C |
Journal date |
Fiscal period export |
Exported |
Debtors |
1190 |
|
March 28, 2012 |
04 |
Yes |
To Turnover |
|
1190 |
March 28, 2012 |
04 |
Yes |