Fiscal Periods

Fiscal periods define the time intervals in which accounting transactions are grouped. From /finance/accounting/fiscal-periods you can configure annual fiscal years, open and close months, and control which period journal entries are recorded in.

Initial Setup

1

Define the fiscal year

Select the fiscal year and starting month. In Mexico, the fiscal year normally runs from January to December, but you can configure irregular periods if your company requires it.

2

Generate monthly periods

When creating the fiscal year, the system automatically generates the 12 monthly periods with their start and end dates.

3

Activate the first period

Open the first month of the fiscal year to begin recording transactions.

Period States

Each monthly period has one of these states:

StateDescription
FutureNot yet started, does not allow journal entry recording
OpenActive, accepts new entries and modifications
ClosedFinalized, does not allow new transactions
ReopenedTemporarily open for post-close adjustments

Period closing

When closing a period, all draft journal entries within that date range will be locked. Make sure to approve or delete pending drafts before closing.

Opening and Closing Periods

To close a period:

  1. Verify that all entries for the month are approved.
  2. Review the trial balance to confirm it balances.
  3. Click Close Period on the corresponding row.
  4. Confirm the action in the verification dialog.

Tip

You can temporarily reopen a closed period if you need to make an adjustment. Only users with admin permissions can perform this action.

Period Restrictions

When a period is closed:

  • Journal entries cannot be created with dates within that range.
  • Existing entries for the period cannot be modified.
  • Financial reports for the period are frozen.
  • Fixed asset depreciation for the period is locked in.

Year-End Close

At the end of the fiscal year:

  1. Close all monthly periods for the year.
  2. Generate the closing entry that transfers income and expense balances to retained earnings.
  3. Generate the opening entry for the next fiscal year with starting balances.

Automation

Fenicia can automatically generate closing and opening entries. Review the amounts before approving them.