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The Period Control feature allows to assign a Fiscal Calendar containing years and periods (normally months) to an organization.

Overall the "Period Control" and the "End Year Close" processes can be executed in Openbravo by following below recommended steps:

This step can be done once the corresponding transactions have been posted to the ledger within a "standard" period.
It is not mandatory to close the standard periods of a given year before running the Close Year process.
Closing the standard periods however helps to track the periods which have been already reviewed and adjusted if required and therefore closed in order not to allow any further posting within those periods.
Additionally the Undo Close Year process undo all what has been done and therefore accounted by the close year process. This process besides opens all the periods which were closed.
This is done to allow that the corresponding changes can be posted to the ledger as required in an standard period.
Once the corresponding changes have been accounted, the "Close Year" process can be run once again. Once again this process generates the closing accounting entries and closes all the periods.

As already mentioned:

Finally, it is also possible to check the "Status" of a given period is to navigate to the Period Control tab of the Organization window.

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