Accounting periods in Entendre help you organize and manage your financial transactions within specific timeframes. This guide walks you through navigating and managing your accounting periods, including scheduling closures and handling open and closed periods.
Accessing the Manage Periods Section
Navigate to the Manage Periods Section:
Go to Ledger > Transactions.
Click the "Manage Periods" button in the top-right corner.
View Period Summary:
You’ll see a list of your legal entities and a summary of their accounting periods. The columns include:
Legal Entity: Name of the entity.
Status: Indicates whether the entity’s accounting period is open or closed.
Open Periods: Number of open periods for the entity.
Next Scheduled Close: Date of the current open period’s scheduled close.
Viewing and Managing a Legal Entity’s Periods
Click on the legal entity you want to manage to access detailed options for accounting period management.
Top-Level Options
Schedule Accounting Period Close:
Automate the closure of accounting periods on a scheduled cadence.
Inputs Required:
Period Close Date: Select how many days past the period you want the system to attempt closure:
T+0, T+3, T+5, T+10 (e.g., T+3 means close 3 days after the period ends).
Retry Frequency: Number of attempts the system will make to close the period automatically if it initially fails (e.g., due to transactions without entries).
Timezone: Timezone for scheduling the closure (defaults to your organization’s timezone).
Advanced Options:
Choose whether to sync the period’s data to your General Ledger or run a Revaluation during the closure process.
Close All Periods:
Closes all open periods for the selected legal entity.
Prompts you to:
Run Revaluation.
Sync to your General Ledger before closing.
Reopen All Periods:
Reopens all closed periods for the selected legal entity.
Note: This action applies only to the selected entity and does not affect other entities' periods.
You will be prompted for confirmation before proceeding.
Closing Accounting Periods (Individual or Bulk)
When closing an accounting period—whether individually or in bulk—you will follow the same steps. These ensure that all balances and transactions are reviewed and finalized.
Step-by-Step Process for Closing a Period:
Review Balances:
For individual periods, you’ll be presented with a Review Screen.
This screen allows you to review the balances for the selected period, broken down by ledger account, ensuring accuracy before closure.
Run Revaluations:
After reviewing the balances, you’ll be prompted to Run Revaluations.
Revaluations adjust account balances for currency fluctuations and other factors.
If you prefer to skip this step, you can choose to Skip Revaluation.
Note: For more details, refer to the Configure:Revaluation article.
Sync Entries to the General Ledger:
If your general ledger (GL) is connected (e.g., Xero, QuickBooks, NetSuite), you will be prompted to Sync Entries to the GL.
If you choose to skip syncing, you can sync later from the Integrations Panel.
Note: Syncing ensures that all journal entries for the period are reflected in your external accounting system.
Complete the Closure:
Once you finish syncing or skipping, the accounting period will transition to a Closed state.
Impact of Closing a Period:
Balances in financial reports (e.g., Balance Sheet) are updated since balance sheet accounts are cumulative.
Closed periods prevent users from making changes to journal entries for the closed period.
Reopening Accounting Periods
To reopen a closed accounting period, follow these steps:
Select the Period:
Reopen periods in descending sequence (e.g., reopen the most recent closed period before reopening earlier ones).
Confirm Reopening:
Confirm the Accounting Period Name to proceed.
Make Adjustments:
Once reopened, you can make changes to journal entries and resync them if needed.
Note: Syncing to the general ledger will not push duplicate entries.
Reclose the Period:
After making the necessary changes, you can reclose the period by following the standard closure steps.
