Accounting
Period closing
The work that brings an accounting period or financial year to a formal end.
It includes checking completeness, posting outstanding adjustments, locking the period, and generating the financial statements.
An example
Depreciation and accrual entries are posted at closing before the annual accounts are prepared.
The typical mistake
Closing before reconciling the bank accounts. The differences will still surface, only later and in a less manageable form.
How it appears in AndCompta
Closing a period prevents further entries without an explicit record. Reopening is possible, but AndCompta records who did it, when, and why.
Where we explain it in depth
Related terms
This definition is general information, not tax or accounting advice. For your specific case, consult a professional and always check the official source.