A closed accounting period refers to a specific time frame during which a business completes its accounting cycle by recording and summarizing all financial transactions.

This period typically covers a fixed interval of time, such as a month, quarter, or year, and ends with the preparation of financial statements. Once the accounting period is closed, no additional entries can be made to the books for that period. The purpose of a closed accounting period is to provide accurate and timely financial information to stakeholders, such as investors, creditors, and management, and to facilitate decision-making based on this information.

In this article, we'll walk through the steps to set up Closed Accounting Periods in your ServiceCore account.

Before You Start

• Enabling closed accounting periods requires Admin, or Owner permission level
• Closed Accounting Periods can be adjusted at any time.
• Closed Accounting Periods impact the following transactions:
  • Invoices
  • Payments
  • Refunds
  • Credit Memos

How to Enable Closed Accounting Periods

To enable closed accounting periods, follow these steps:

1. Login to your account
2. Navigate to Settings > Company > Preferences
3. Scroll down to the Accounting section
4. Enter a Closing Date
   
   
5. Click Save

Ready to try this out for yourself?

1. Login to your ServiceCore account
2. Click this link: Show Me How to Close My Books

Invoices, Recurring Invoices, Credit Memos

Once you set a closing date in company settings, here's what will happen any time one of your users attempts to create, edit, void or delete transactions that fall under the closing date:

• If the date of that transaction falls on or before the closing date, the system will show a warning letting them know that if they proceed, this action will affect the correctness and balance of your books
• Users with Owner or Admin permission level will be able to submit the transaction
• Users with Manager or lower permission levels will be blocked from creating or editing transaction

For QuickBooks Users

If you have a closing date set in your QuickBooks account, we recommend you take the following steps to help prevent unwanted sync errors between ServiceCore and QuickBooks:

1. Login to your QuickBooks account
2. Write down or make note of the closing date in your QuickBooks account
3. Login to your ServiceCore account
4. Navigate to Settings > Company > Preferences
5. Enter the same closing date into the Closing Date field
6. Click Save