Close the books for a period

Lock a date range so nothing new can be posted into it, close the fiscal year to roll net income into retained earnings, and reopen a period if you must.

In the sidebar, open Bookkeeping, then Sales Tax & Reports. The page address is /bookkeeping/reports. The periods window opens at /bookkeeping/reports/periods.

Before you start

• Finish everything dated inside the period first: categorize bank lines, confirm receipts, post any adjustments. Once closed, nothing dated in the range can be posted until you reopen it.
• Your role needs permission to manage accounting periods to close or reopen one. Everyone with report access can open the window and see which periods are closed.

Steps

To close a period:

1. Press Close the books in the toolbar. The Accounting periods window opens.
2. Set From and To to the first and last day of the period, for example a month or a quarter.
3. Press Close period. Nova asks you to confirm that new entries dated in the range will be blocked until it is reopened.
4. Confirm with Close period. Nova shows Period closed. and the period appears in the list below with a lock and the status closed.

To close the fiscal year:

1. Set the page's To date, above the tabs, to the last day of your fiscal year. The button in the window names that date.
2. Press the button that reads Close fiscal year (ending that date). Nova asks you to confirm that net income will be rolled into Retained Earnings.
3. Confirm with Close year. Nova tells you the net income amount that was rolled over. Running it again for the same year replaces the earlier result instead of doubling it.

What you see

• The list in the window shows each period as its date range, a lock while it is closed, and its status, newest first.
• A journal entry, expense, receipt, bank-line categorization, opening balance or recurring entry dated inside a closed period is refused with a message that the period is closed. Invoices and payments from the rest of Nova still reach the books even when dated in a closed period.
• Closing the fiscal year only moves the year's profit or loss into Retained Earnings. It does not lock the year's dates; close them as a period too if you want them locked. The year starts on the month set as your organization's fiscal year start.

If something looks different

• The form at the top of the window is missing: your role can see closed periods but cannot close or reopen them.
• You need to post a late correction into a closed period: press Reopen on that period's row, then Reopen in Reopen period?. Nova shows Period reopened. and the row stays in the list with the status open. Post the entry, then close the same dates again.
• The list reads No closed periods: nothing has been closed yet for this organization.
• You want to hand the period to your accountant after closing it: see Export your books for your accountant.

Open accounting periods