About Closed Accounting Periods

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
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