Close the year

A financial year that stays editable is a financial year nobody can rely on. The closing is the point at which you say: this is final.

Lock months as you go

On the overview you can lock each past month. A locked month accepts no more entries. Drafts must be posted or discarded first. To reopen a lock you need the right to close periods and you must give a reason. It is logged.

Close the year

1. Open the year's Checklist. Red items block the closing. Yellow items are warnings.
2. Fix what blocks: the year must be over, the prior year closed, drafts posted, the balance sheet balanced, VAT periods settled.
3. Also look at the warnings: open bank movements, assets not yet depreciated, accruals and foreign currency accounts not revalued.
4. Tick the confirmation and click Close year.

IDup then closes the income statement accounts to the profit account. It stores the closing balance sheet, income statement and trial balance unchangeably. It locks the entries up to year end. And it opens the new year with the result carried forward.

Reopen

Reopen year reverses the closing entry and the opening. The lock moves back. The earlier snapshot stays as a version. A year can only be reopened while the following year is open.

More steps in the same area

• Accruals and fixed assets
• Foreign currency
• Export and archive
• Provisions and Inventory — create or release provisions with a justification, and post the change in stock after a stock count.
• Annual accounts — balance sheet, income statement, notes and a profit appropriation draft as one PDF. It is built for Swiss law. For other countries the notes are free text. It is not legal or tax advice.
• Consolidation — combine several companies you manage. The single companies are only read.
• Cantons — checklists for the company tax return per canton, only from official sources.