Period close
In Arabic إقفال الفترة
The process of finishing a month’s or year’s accounts and stopping any further postings into that period.
In plain words
Once a month is reported, its figures should not move. Closing the period stops new postings into it, so last month’s statements read the same next month as they did when they were sent.
Before closing, accountants reconcile the control accounts, clear draft journals and check that debits equal credits. At year end, the year’s profit and loss is carried into retained earnings.
The common mistake is closing only in the accounts while sales, stock and purchasing can still post into the month with an old date.
- Period
- March 2026
- Closed on
- 2026-04-05
- Bill dated 2026-03-28
- SAR 2,300
- Options
- Date it in April, or reopen March
In Axon Suite
How Axon Suite handles it
Close a period in Axon Suite and nothing posts into it again, whether it comes from sales, purchasing, stock, the till or a rep’s van. Closing is refused while any journal is still a draft or debits and credits differ.
Feature
Close and lock accounting periods
Close a period and nothing posts into it again, whether it comes from sales, purchasing, stock, the till or a rep’s van. Reopen it when you need to, in order, or lock it for good.
Open: Close and lock accounting periods