Overall the "Period Control" and the "End Year Close" processes can be executed in Openbravo by following below recommended steps:
- The creation of the Years and the Periods (i.e. monthly periods) in the "Fiscal Calendar" window
- The opening of all the period/s, that means including the "13th Period" or adjustment period, in this window
- The closing of the standard period/s, that means excluding the "13th Period" or adjustment period, in this window.
- 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.
- The posting of the accounting adjustments to the ledger if any, in the "13th Period" by using a G/L Journal/s.
- The execution of the Close Year process in the "End Year Close" window.
This process generates the closing accounting entries such as the P&L closing entry, and besides closes the standard and adjustment periods if those are still opened. After the Closing of the Year, all it's Periods will be in a Permanently Closed status. A Period in a Permanently Closed can no be reopened, it is necessary to Undo the Closing of the Year first.
- 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:
- It is not possible to create years and periods directly on this window, use the Fiscal Calendar window to create new years and periods.
- It is not possible to generate the closing accounting entries directly on this window, use the Close Year process which can be found in the End Year Close Window.
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.