Close reporting period

Close reporting period sets the reporting cut-off date for an accounting period. Once closed it is not possible to enter any account transaction with an effective date on or before this date. Any report produced for dates on or before the cut-off will not materially change unless the database is manipulated.

The accounting period should be closed after billing, but before printing final reports for company financials. Closing the period ensures that the value of the financial reports will not change over time.