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Open/Close Period Control

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Contents

Introduction

Open/Close Period Control feature manage the periods of an organization. This feature applies to organizations for which the "Period Control" feature is enabled.

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.

Period Control

In Open/Close Period Control window all the Periods previously created in the Fiscal Calendar window are shown.

However, the records are filtered by their "Status" and "Organization", by showing only the Periods which are not in Closed Status and belongs to the Organization in which the User is logged in. This filters can be removed by clicking in the funnel icon.

This Window shows two Tabs. The first Tab shows all the existing Periods. Once selected a record in this Tab, the lower one shows all the Document Types and their Status in that Period. With this layout it is possible to easily manage the status of a Period as a whole as well as the status of a particular Document Type inside a specific Period.

The way to manage the Opening/Closing of a Period is:

Once done, Openbravo informs that the process has been completed successfully.

The way to manage the Opening/Closing of a particular Document Type for a specific Period is similar:

Once done, Openbravo informs that the process has been completed successfully.

OpenClosePeriodControlPic1.png

As shown in the image above the main fields in this window are:

These fields can be used as filters to show the desired records. For example, filtering by a Calendar, and Organization and a Year it is an easy way to show all the Periods of a particular Year.
Then it is possible to select all records shown and Open or Close all of them at once.

Period Control examples

Example 1:

The organization in this example has created three consecutive years and has open all the periods including the "13th Period" as shown in the image below:

OpenClosePeriod Example1.png

Above configuration means that the organization in this example can post any document to the ledger at any period within those 3 years. If the organization would try to post a sales invoice in Dec-2011, Openbravo will shown an error as that year/period does not exist.

The organization in this example needs to close the 2012 year.
Before running the "Close Year" process for 2012 the organization in this example closes all the 2012 standard periods until Dec-12 in order not to allow any further accounting on any 2012 standard period. The way to do that is:

OpenClosePeriod Example2.png

Above action closes all the 2012 standard periods until Dec-2012, therefore it is not possible to post any transaction to the ledger in any 2012 standard period anymore but:

unless:

Example 2:

The organization in this example closed all the periods until December of a given year (i.e. 2012). Every period is closed on a monthly basis, once all the transactions/documents have been properly accounted. Someone in the organization missed to enter an accounting entry through a G/L Journal. That accounting information should have been registered in July of that year.
The company in this example can re-open the periods until July and can post a G/L Journal within that period. The way to get that working is:

After that, accountants will be able to create and post a G/L Journal dated in July 2012.

Example 3

The organization in this example opens every period the last day of the previous period. It is June 30th, 2012 when finance team opens Jul-12 period. By beginning July a customer asks to delay the issue of a sales invoice to August.
The Financial Team does not want to open Aug-12 period for all the documents types until July 31st, therefore opens Aug-12 period just for the sales invoices.
The way to get that working is:

Once done, it is possible to issue and account the sales invoice in the period of "August" and send it to the customer.

Following on this example, the finance team will have to Open "Until" August period for all the documents by ending July.

Documents

When a Period is created in the Fiscal Calendar Window, it is possible to Open or Close it in this Window. Performing this actions directly for that Period affects all the associated Document Types at once.
For example, opening a Period results in opening all the Document Types for that Period, making it possible to post transactions of any type withing that given Period.
But it is also possible to Open or Close each Document Type in the same Period.

Once a Period is selected in the Periods Tab of this Window, all the available Document Types will be shown in the Documents Tab, making it possible to select any of them and Open or Close it.

The way to manage the Opening/Closing of a particular Document Type for a specific Period is:

Once done, Openbravo informs that the process has been completed successfully.

OpenClosePeriodControlPic2.png

Notice that:



Full list of Open/Close Period Control window fields and their descriptions is available in the Open/Close Period Control Screen Reference.

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