Open and Close Accounting Periods

Overview

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 the Enablements screen.

A closed period can be reopened to correct past transactions. You can close up to 12 Accounting Periods at a time.

Do you want to:

Navigate to Accounting Home and click the Setup tab. Then, under the Ledger menu, click 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. The status of Close in Progress displays until the close process has been completed. This will take a few minutes to complete.
Once the Accounting Period close process completes, the Status will display as 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.

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.
Note: Accounting Periods must be closed in chronological order, oldest first.
From the dialog box, select Closed from the drop-down list. Then, select the Update selected items checkbox.
Click Apply.
Click Save.
The Close in Progress status displays until the save completes.
Note: After clicking Save, if the below error message displays, click the Warning icon on a specific line to view the related error message, as in the second screen capture below.

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.
If using Consolidations, an Accounting Period cannot be opened, closed, or archived while a Run Consolidations routine is in progress.
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 to the user who closed the period when the closing process completes. The email message includes a total Transaction Count for each closed period.
Note: 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 2021-12, then 2021-11, and any period before that cannot have a status of Open.

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If using Consolidations, an Accounting Period cannot be opened, closed, or archived while a Run Consolidations routine is in progress.

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The email confirmation that is sent to the user who closed the period includes a total Transaction Count for each closed period.