Close a period

Lock a finished month or year so its figures can't change.

Closing a period locks it, so nothing can be posted into it by accident afterwards. AXO gives you a checklist to work through first.

Reconcile every bank account.
Post depreciation, accruals and prepayments.
Run an exchange-rate revaluation if you hold other currencies.
Review the trial balance and reports.
Close the period.

Note

If something needs correcting after a period is closed, post the adjustment in the next open period, where it's visible to anyone reviewing your books.

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