Skip to main content

Closing Accounting Periods

Updated
The Goal: Close, reopen, and report on accounting periods in GrowthZone so your financial numbers stay locked once a month is finalized.

Before You Begin:

  • You need staff permissions to manage billing and finance settings.

  • Enable closed-period security first: go to Finance, Billing section, click Settings and select General Billing Settings (see Configure Default Finance Settings), then set Accounting Security Level = Closed Period Enabled and define the Allow Deletion for (days) value.

  • Understand that the Allow Deletion Days parameter interacts with the close date: deletion depends on whichever date is earlier. For example, if Allow Deletion Days is 30, a payment is created on 1/1, the close date is 1/2, and on 1/3 staff wishes to change the payment — although the payment falls within the 30-day window, because the period is closed it cannot be changed.

  • Know what a closed period locks. Once a period is closed, the following changes may not be made:
    • Invoices: New invoices cannot be created dated prior to the period close date; open invoices cannot have line items added, removed, or balances changed (the only exception is goods/services set up as type Late Fee, which post on the day added rather than the original invoice date); cannot be deleted regardless of deletion days setting; cannot be voided regardless of deletion day setting.
    • Payments: Cannot be deleted, cannot be voided, and cannot be created dated prior to the close date.
    • Credits: Cannot be created with a date prior to the period close date.
    • Refunds: Cannot be deleted, cannot be voided, and cannot be created dated prior to the close date.

Microlearning Overview

Step-by-Step Instructions

Close an Accounting Period

  1. Go to Finance, Billing section, click Closed Periods. A log of all previously closed periods, along with the date each period was closed and who closed it, will display.

  2. Click the Add button.

  3. On the Closed Period screen, complete the fields:
    • Period Begin Date: Defaults to the day after the last period closed. For example, if the last period closed on March 31, the Period Begin Date defaults to 4/1.
    • Period End Date: Enter the last day to be included in this period.
  4. Click Close Period(s). The period is now closed, and a record has been logged on the Closed Periods screen.

Reopen a Closed Accounting Period

If needed, a closed period can be reopened to correct past transactions or to create a refund:

  1. Go to Finance, Billing section, click Closed Periods. A log of all previously closed periods, along with the date each period was closed and who closed it, will display.

  2. Click the icon for the period you wish to reopen. Summary information about the closed period will display.

  3. Click Open Period(s).
  4. Click Yes to confirm you wish to re-open the period.

Closed Period Report

This report provides a record of each accounting period, and the beginning and ending balances in each of your accounts at the time the period was closed.

To generate the Closed Period Report:

  1. Click Reports in the left-hand rail.
  2. Click Closed Period Report.
  3. Enter desired filtering criteria.

  4. Click Run Report.

Common Pitfalls

  • Forgetting to close GrowthZone alongside your accounting software: Closing the books each month sets your numbers in stone. It is impossible to accurately track performance if numbers shift when someone records late invoices or changes prior-month transactions. When you close a period in your accounting software, close it in GrowthZone as well.
  • Misreading the deletion window: A transaction inside the Allow Deletion Days window can still be locked if the period is closed — the system honors whichever date is earlier.

Related articles