How to close an accounting period in Firmify

What is an accounting period?

An accounting period in Firmify is a time window (usually one month) that groups all financial transactions. You must:

1. Open a period before recording entries
2. Close it at month end to finalise it

A closed period cannot be edited — this guarantees data integrity.

When should you close the period?

Close the period after you have:

• Entered all invoices for the month
• Run a bank import (if you use it)
• Filed the VAT return (if you are VAT-registered)
• Confirmed there are no DRAFT entries

Closing steps

Step 1: Check for DRAFT entries

Go to Journal → filter by status DRAFT. If you find any entries, open each one and click "Post".

Step 2: Check VAT

If you are VAT-registered — make sure the VAT period is marked as Submitted (after filing with the NRA).

Step 3: Close the period

Firmify → Accounting → Periods → find the period → click "Close period".

Step 4: Open a new period

Immediately after closing, open a period for the next month: "New period" → enter start date and end date.