Closing a period — usually a month — is how you draw a line under a stretch of time once its books are finished, so the figures you reported stay exactly as they were. NexerIQ tracks the state of each accounting period for you on the Finance → Fiscal Periods page. Don't worry if the terms are new; this article explains what each status means and how the close works.
The Fiscal Periods page
The page lists each accounting period for the year, showing its Period, Year, Month, and Status, along with when it was soft- or hard-closed. There are three statuses:
- Open (green) — the period is live and accepts new entries.
- Soft Closed (amber) — day-to-day posting is wound down, but the period can still be adjusted if needed.
- Hard Closed (red) — the period is locked; no further changes can be made.
Why closing matters
Closing protects your past numbers. Once you've reconciled your bank accounts, reviewed your reports, and perhaps filed your tax, you don't want a stray entry quietly changing last month's profit. Moving a period to Soft Closed and then Hard Closed locks it in, giving you a stable history you can stand behind.
A sensible rhythm
- Finish the month's work — reconcile bank accounts and review your reports.
- Confirm the Trial Balance is balanced and no draft ledger entries remain.
- Close the period so its figures are protected from later changes.
Tip: Closing each month as it's finished means year-end is calm rather than a crisis. If something genuinely belongs in a closed period, record it in the current open period instead, and check with your accountant when in doubt.
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