Managing Accounting Periods

Accounting periods define date ranges that organize your financial transactions into discrete time segments. By managing periods, you control when transactions can be entered and protect historical data from unintended modifications. This guide covers how to open the Accounting Periods form, create new periods, and understand the three period statuses.

Permission Required

Access to the Accounting Periods form requires the FIN_CLOSE_PERIOD permission. Users without this permission will not see the menu option.

Opening the Accounting Periods Form

Navigate to Business > Accounting Periods from the main menu. The the Accounting Periods screen form opens within the main application window within the main application.

The Accounting Periods Grid

The form displays a grid listing all defined accounting periods. The grid contains the following columns:

Periods are displayed in chronological order by start date, making it easy to see the full timeline of your accounting history.

Creating a New Period

To create a new accounting period:

1. Click the New Period button in the toolbar
2. Enter a Period Name that clearly identifies the time range (for example, “February 2026” or “FY2026 Q1”)
3. Select the Start Date using the date picker
4. Select the End Date using the date picker
5. Click Save to create the period

The new period is created with a status of Open, meaning transactions can be freely entered within its date range.

Naming Conventions

While AccuArk does not enforce a specific naming convention, consistent naming makes your period list easier to navigate. Common approaches include:

• Monthly: “January 2026”, “February 2026”, and so on
• Quarterly: “Q1 2026”, “Q2 2026”, and so on
• Annual: “FY2026”
• Custom: “Pre-Launch Period” or “Transition Period”

Date Range Rules

When setting dates for a new period:

• The start date must be before the end date
• Periods can cover any date range you choose (a single day, a week, a month, a quarter, or a full year)
• Overlapping periods are allowed but not recommended, as transactions falling in the overlap could be affected by either period's status

Understanding Period Statuses

Every accounting period has one of three statuses. These statuses follow a one-way progression:

Open

The default status for a newly created period. When a period is open:

• New transactions can be created with dates within the period's range
• Existing transactions within the period can be edited
• Journal entries can be posted to dates within the period

Closed

A period that has been formally closed after review. When a period is closed:

• No new transactions can be created with dates within the period's range
• The system records who closed the period and when
• The period can still be reopened if necessary (before locking)
• This status indicates that the period has been reviewed and finalized

Locked

The final, permanent status. When a period is locked:

• All the restrictions of a Closed period apply
• The period cannot be reopened or modified in any way
• This is a permanent action and cannot be undone
• Locking is typically reserved for periods that have been audited or reported on externally

The Status Workflow

Period statuses follow a strict one-way progression:

Open → Closed → Locked

You cannot skip steps. A period must be closed before it can be locked. You cannot move a locked period back to closed or open.

Best Practices

• Create periods in advance — Set up your monthly or quarterly periods at the beginning of the fiscal year so they are ready when needed
• Use consistent date ranges — Stick to a regular cadence (monthly, quarterly) to simplify reporting and reconciliation
• Close periods promptly — Once month-end or quarter-end review is complete, close the period to prevent accidental backdated entries
• Lock only after audit — Reserve the Locked status for periods that have been fully audited and will never need adjustment
• Name periods clearly — Use descriptive names so any team member can identify the time range at a glance