Closing an accounting period will:
- Display a status of Close in Progress until the Close process is complete.
- Update the opening balances in the next period.
- Lock the closed period from the addition or deletion of records.
- Update aging records for both Billings and Payables if Billing and Payable Period Sensitive Aging has been enabled in Accounting Settings.
A closed period can be reopened to correct past transactions. You can close up to 12 Accounting Periods at a time.
Close one Accounting Period at a time
- From Accounting Home, under the General Ledger Setup section, choose Accounting Periods.
- Double click in the Status column of the list view next to the Accounting Period to be closed. Change from Open to Closed.
Note: Accounting Periods must be closed in chronological order, oldest first.
- Click Save from the confirmation screen. A status of “Close in Progress” will be displayed until the close process has been completed. This will take a few minutes to complete.
- Once the Accounting Period close process is completed, the Status will display “Closed.” An email confirmation that the period has been closed will be sent to the email address registered with the Salesforce User who closes the period.
Close up to 12 Accounting Periods at a time
- From the Open Accounting Periods List View, select the Accounting Periods you want to close.
- Double click in the Status column of the list view next to one of the selected records and change the status from Open to Closed in the resulting Edit Status window.
- Choose the radio button to apply changes to all the Accounting Periods.
- Click Save.
- After Save is clicked, a status of Close in Progress is displayed until the save is complete.
Rules that Govern Period Open and Close
- A Profit and Loss report can be run in the current month without closing the Accounting Period. The current month's Accounting Period must be closed to run a Balance Sheet Report. A Trial Balance Report can be run in the first open Accounting Period which is preceded by a closed Accounting Period, or a closed Accounting Period.
- Only one or one group of accounting periods can be closed at a time. If you try to close an accounting period while others are in the process of being closed, you will receive an error message.
- When opening or closing multiple Accounting Periods, the status will display as Open in Progress or Close in Progress.
- When opening or closing multiple accounting periods, an email confirmation is sent when the close process is complete. It is suggested to wait a few minutes before running a report. If a report is run too soon, a warning message will display.
- You cannot have prior accounting periods open while closing an accounting period. For example, if you are trying to close period 2018-12, then 2018-11, and any period before that cannot have a status of Open.
- Allows for a clear view into the status of an accounting period when going through a batch open or close job, by showing a status of Open/Close In Progress.