Financial Close Off Tutorial

Overview#

A financial close-off, or month-end close, is the process whereby a company finalises its financial activities and statements for a specific period, typically at the end of each month, or year. This process involves reconciling accounts, verifying and adjusting entries, closing temporary accounts, and preparing financial statements such as the Statement of Profit or Loss and the Statement of Financial Position.

💡These tutorials explain how to close and open financial periods.

How to Set a Financial Close Off Date#

1. Ensure all the transactions for the month are entered (see Periodic Accounting Tutorial).
2. Navigate to the function Financial Close Off Date.
3. Enter a Date or select the arrow and choose a date from the calendar.

How to Amend or Remove a Financial Close Off Date#

1. Navigate to the function Financial Close Off Date.
2. Change the Date:
   • Click after the Date and use the backspace key to remove the Date completely, or
   • Overtype the Date with a different date.