Skip to content
voltixERP
Book a demo

Posting periods and year-end

Create the fiscal year and its periods, lock a period once it is checked, and close the year to retained earnings.

For companies without sap.

Open Settings → Finance → Posting periods. You need the Finance: periods permission.

Create a posting period

  1. 1Click New posting period (or Create current fiscal year the first time).
  2. 2Fill in the Period code and Period name, for example 2027.
  3. 3Choose the Sub-periods: Year, Quarters, Months or Days. For Days, type the No. of periods.
  4. 4Check Posting date from. With Quarters or Months, Posting date to is set for you.
  5. 5The table shows the periods that will be created. Click Create.
The New posting period form
Months gives twelve periods; the list shows them before you create them.

Lock and unlock

A posting period
Each year lists its periods with their entries and status. The lock icon locks or unlocks a period.

Click the lock icon on a period to lock it once it is reconciled. Nothing can be posted into a locked period, automatic postings included; those wait in Postings until the period is unlocked, then you repost them. The Lock date on the General tab locks everything up to a date in one go.

A year without entries can be removed with Delete.

Close the year

When a year has ended:

  1. 1Click Close year on it.
  2. 2Check the income, the expenses and the profit or loss that moves to retained earnings.
  3. 3Click Close the year.

One closing entry, dated the last day of the year, moves every income and expense balance to the Retained earnings account of the G/L account determination, and the periods are locked. Draft entries still dated in that year must be posted or deleted first.

Reopen reverses the closing entry and unlocks the periods.