Manage financial periods
/visma-net-erp/help/general-ledger/manage-financial-periods
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# Manage financial periods
Generate periods for a new financial year
/visma-net-erp/help/general-ledger/manage-financial-periods/generate-periods-for-a-new-financial-year
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# Generate periods for a new financial year
## Before you proceed
Make sure the financial year and its periods have been configured in the [Financial year](/visma-net-erp/help/general-ledger/general-ledger-windows/inter-branch-account-mapping-gl101010/) window.
1. Go to the [Financial periods](/visma-net-erp/help/general-ledger/general-ledger-windows/financial-periods-gl201000/) window.
1. In the window toolbar, click **Add new record**.
The new year will appear in the
**Financial year** field. Note the information in the **Start date**
and **Number of periods** info fields.
These settings, determined in the [Financial year](/visma-net-erp/help/general-ledger/general-ledger-windows/inter-branch-account-mapping-gl101010/) window, are used for the
generation of new periods.
1. In the window toolbar, click **Generate periods**.
1. In the table, select the **Active** check box for each of the periods to which you are going to post transactions.
1. Click .
Activate a financial period
/visma-net-erp/help/general-ledger/manage-financial-periods/activate-a-financial-period
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When a new financial period starts, you may need to activate (open) it to be able to select this period in documents.
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# Activate a financial period
When a new financial period starts, you may need to activate (open) it to be able to select this period in documents.
When a new financial period starts, you may need to activate (open) it to be able to select this
period in documents.
A financial period can be activated by using the [Financial periods (GL201000)](/visma-net-erp/help/general-ledger/general-ledger-windows/financial-periods-gl201000/) window.
You can open more than one period at a time.
1. Go to the [Financial periods (GL201000)](/visma-net-erp/help/general-ledger/general-ledger-windows/financial-periods-gl201000/) window.
1. In the table, review the list of financial periods.
1. Select the **Active** check boxes for periods you want to open for posting transactions
1. Click .
Close financial periods
/visma-net-erp/help/general-ledger/manage-financial-periods/close-financial-periods
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# Close financial periods
## Before you start
Before you close the period for the workspaces Customer ledger and General ledger, the VAT period must be closed for the financial period you want to close.
When all batches are posted, you can close a financial period.
Follow the steps below to close a financial period in one operation via the General ledger.
1. Select the periods you want to close. You can multi-select periods by selecting the check box of the last period you want to close.
1. Click **Close periods**.
1. If there are still open periods in other workspaces, confirm that you want to close them together with the general ledger periods.
If there are still open batches you will get an error message.
Normally you cannot post into closed periods, but you can change this if you go to the[General ledger preferences (GL102000)](/visma-net-erp/help/general-ledger/general-ledger-windows/general-ledger-preferences-gl102000/) and select the option **Allow posting to closed periods**.
This is also possible during an on-going financial year.
Related pages
Concepts
Windows
About period-end closing procedures
/visma-net-erp/help/general-ledger/manage-financial-periods/about-period-end-closing-procedures
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Visma Net provides multiple options to let you configure period-closing procedures in accordance with your company's policies.
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# About period-end closing procedures
Visma Net provides multiple options to let you configure period-closing procedures in accordance with your company's policies.
Employees at your company can decide when to perform period-end closing procedures.
You do not need to postpone period-end closing to allow recording of certain
transactions dated in the period to be closed.
Posting transactions to closed
periods is possible if the **Allow posting to closed periods** option in the [General ledger preferences (GL102000)](/visma-net-erp/help/general-ledger/general-ledger-windows/general-ledger-preferences-gl102000/) window is selected.
At any point in time, you can have multiple active periods. Activating a period doesn't require closing a previous one.
## Perform period-end closing
Follow your company's internal procedures to determine the prerequisites to closing a
financial period.
Your company might require the following tasks to be completed
before a period is closed:
+ Performing allocations
+ Generating recurring documents and releasing them
+ Performing revaluation of foreign currency accounts
+ Generating and reviewing the trial balance
To close a period in General ledger, you first have to perform the closing operations
in the subledger workspaces you are using.
These include the following:
+ Customer ledger
+ Supplier ledger
+ Cash management
+ Inventory
+ Fixed assets
A period is considered closed only when it has been closed in the General ledger workspace by
using the [Close financial periods](/visma-net-erp/help/general-ledger/general-ledger-windows/close-financial-periods-gl503000/) window.
This
window gives you information about the status of periods in the Supplier ledger,
Customer ledger, Cash management, Inventory, and Fixed assets workspaces. If a
period has not been closed in any of the workspaces, you can close it there.
Closing a period in general ledger initiates the generation of auto-reversing batches if the **Generate auto-reversing entries on period closing** check box is selected in the [General ledger preferences (GL102000)](/visma-net-erp/help/general-ledger/general-ledger-windows/general-ledger-preferences-gl102000/) window. You should never close the last activated financial period; always activate one or more financial periods before you close a period.
## Close a period in a subledger workspace
A financial period can be closed in the General ledger workspace only if it has been closed in the Supplier ledger, Customer ledger, Cash management, Inventory, and Fixed assets workspaces. You need to perform the closing procedure in only the subledger workspaces that are activated in your system.
A period can be closed in Customer ledger, Supplier ledger, Cash management, Inventory, and Fixed assets as follows if in the workspace there are no documents with the **Released**, ( **Unposted** ), **Balanced**, or **On hold** status that are to be posted to this period:
+ To close a period in Supplier ledger, use the [Close financial periods](/visma-net-erp/help/general-ledger/general-ledger-windows/close-financial-periods-gl503000/) window.
+ To close a period in Customer ledger, use the [Close financial periods](/visma-net-erp/help/general-ledger/general-ledger-windows/close-financial-periods-gl503000/) window.
+ To close a period in the Cash management workspace, use the [Close financial periods](/visma-net-erp/help/general-ledger/general-ledger-windows/close-financial-periods-gl503000/) window.
+ To close a period in the Inventory workspace, use the [Close financial periods](/visma-net-erp/help/general-ledger/general-ledger-windows/close-financial-periods-gl503000/) window.
+ To close a period in the Fixed assets workspace, use the [Close financial periods](/visma-net-erp/help/general-ledger/general-ledger-windows/close-financial-periods-gl503000/) window.
When you close a given financial period, all preceding active periods will be closed as well.
During the initial stage of using Visma Net, if you decided to add one or more periods before the first financial period,
you can activate those periods (even if you have one or more closed periods) and
post the required transactions to them.
Later, to be able to close any of the
later periods, you should close those periods first.
## Perform year-end closing
In Visma Net, year-end closing is performed automatically when you close the last period of
the financial year.
Thus, closing the last period of the financial year should be
done only when the company is ready to close the general ledger financial year.
Period-end closing for the last period of the financial year must be completed in
all other active workspaces before users can perform year-end closing in the General ledger workspace.
The year-end closing may include the following stages:
+ At the end of the financial year, generating periods for the new year and activating at least one of them
+ Carrying out the operations according to your company's "year-end" check list
+ Closing the last period in general ledger and fulfilling all the requirements
During closing of the financial year, the balance of YTD net income account updates
the Retained earnings account, which accumulates the net income over years.
After
that, the balance of the YTD net income account is reset to zero for a new financial
year.
The balances of the balance sheet accounts are simply transferred into the new
financial year, while balances of other accounts are reset to zeros.
Related reference
[Financial year](/visma-net-erp/help/general-ledger/general-ledger-windows/financial-year-gl101000/)
Related pages
Concepts
Close a financial period from any workspace
/visma-net-erp/help/general-ledger/manage-financial-periods/close-a-financial-period-from-any-workspace
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# Close a financial period from any workspace
## Before you start
Before you close the period for the workspaces Customer ledger and General ledger, the VAT period must be closed for the financial period you want to close.
When all batches are posted, you can close a financial period.
Many companies might choose to close the financial periods for the different workspaces separately.
1. Select the periods you want to close. You can multi-select periods by selecting the check box of the last period you want to close.
1. Click **Close periods**.
If there are still open batches you will get an error message.
Reconcile general ledger before closing the financial period
/visma-net-erp/help/general-ledger/manage-financial-periods/reconcile-general-ledger-before-closing-the-financial-period
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Before you close the active financial period or when you want to reconcile financial periods, you should check possible differences between the General ledger and certain other workspaces.
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# Reconcile general ledger before closing the financial period
Before you close the active financial period or when you want to reconcile financial periods, you should check possible differences between the General ledger and certain other workspaces.
You can also check how many outstanding invoices you have, how many incoming payments you have received, and if there are unreleased VAT transactions in the system.
## Reconcile Customer ledger and General ledger
+ To see the differences between Customer ledger and General ledger, run the [Balance sheet specification/Open entries (GL63309S) report](/visma-net-erp/help/general-ledger/general-ledger-reports/balance-sheet-specification-open-entries-gl63309s/) to see the difference between the open invoices total and account total values.
+ To view how many outstanding invoices you had in the end of a period, run the [Customer summary (AR65050S) report](/visma-net-erp/help/customer-ledger/customer-ledger-reports/customer-summary-ar65050s/) to see the beginning balance of the following period. Also check the [Aged outstanding (AR631500) report](/visma-net-erp/help/customer-ledger/customer-ledger-reports/aged-outstanding-ar631500/).
+ To see how many incoming payments your company has received, run the [Process incoming payments (AR305000)](/visma-net-erp/help/customer-ledger/customer-ledger-windows/process-incoming-payments-ar305000/) report that shows all received payments.
## Reconcile Supplier ledger and General ledger
+ To see the differences between Supplier ledger and General ledger, run the [Balance sheet specification/Open entries (GL63309S) report](/visma-net-erp/help/general-ledger/general-ledger-reports/balance-sheet-specification-open-entries-gl63309s/) to see the difference between the open invoices total and account total values.
+ To see how many outstanding invoices you had in the end of a period, run the [Supplier summary (AP401000)](/visma-net-erp/help/supplier-ledger/supplier-ledger-windows/supplier-summary-ap401000/). Also check the [Aged outstanding (AP631500)](/visma-net-erp/help/supplier-ledger/supplier-ledger-reports/aged-outstanding-ap631500/) report.
+ To see the payments you have sent via AutoPay, run the [Sent payments (AP61300S) report](/visma-net-erp/help/supplier-ledger/supplier-ledger-reports/sent-payments-ap61300s/).
## Reconcile VAT and General ledger
+ You will get a warning when you are preparing the VAT report and there are unreleased transactions with a VAT ID in the system. You can run the **All unreleased transactions** report in the [Prepare VAT report (TX501000)](/visma-net-erp/help/vat/vat-windows/prepare-vat-report-tx501000/) window to see these transactions.
+ You can also run the [VAT account control details (TX40400S)](/visma-net-erp/help/vat/vat-windows/vat-account-control-details-tx40400s/) inquiry or the [VAT specification (TX62050S)](/visma-net-erp/help/vat/vat-reports/vat-specification-tx62050s/) report.
## Reconcile Cash management and General ledger
+ Use the reconciliation statement process, see [Reconcile statements](/visma-net-erp/help/work-processes/reconcile-statements/).
## Reconcile Fixed assets and General ledger
+ Print the [Balance (FA630000)](/visma-net-erp/help/fixed-assets/fixed-assets-reports/balance-fa630000/) report, compare the different books manually, and create journal transactions for the differences between the books.
Beginning balance when starting a new period
/visma-net-erp/help/general-ledger/manage-financial-periods/beginning-balance-when-starting-a-new-period
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When you are starting a new financial period or year, you can see its beginning balance as follows:
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# Beginning balance when starting a new period
When you are starting a new financial period or year, you can see its beginning balance as follows:
1. Open the [Account summary (GL401000)](/visma-net-erp/help/general-ledger/general-ledger-windows/account-summary-gl401000/) window and filter it by type to show assets and liabilities only.
1. Select the correct ledger and the first period after the closed period or the period whose beginning balance you want to see. Ensure that the previous period is closed to get the correct balances.
1. Now you can see the balance in the **Beg. balance** column, and you can export it to Excel.
Related pages
Concepts
Windows