In this guide, we briefly show you what you need to do to close an accounting period and create a new one.

You can create a new accounting period in Settings › Records › Accounting › Accounting periods (for more information about this code list, see the article on accounting periods). Click the New button:

Fill in Abbreviation, Valid from, Valid to, and Year code for series. After filling in all the fields, click the Save and close button.

You can now close the current accounting period. Compared to the desktop application, you have the advantage that you do not need to switch to the previous accounting period. Simply search for the Period initialization module:

Step 1: In the Close period field, select the accounting period you want to close and click Continue. If the following accounting period has not been created yet, the wizard will notify you and create it in the next step.

Step 2: Only if the following period does not exist yet: check the Code, Period start, and Period end of the new accounting period and click Continue.

Step 3: In the Period closing step, you set the closing parameters. It works the same way as in the desktop application: you can leave the closing accounts (Ledger closing account, Ledger opening account, Profit/loss transfer account, and Profit/loss account pending approval) as they are preset, or you can create, for example, different analytical accounts for the closing accounts in your chart of accounts.

Revalue unpaid documents

Revalue bank accounts and cash registers

Carry over inventory

If you want to initialize opening inventory balances in the new accounting period, select this option. The program will enable the following parameters required for initialization.

Skip cards with zero balance

Cards that have a zero balance in both units of measure and in CZK will not be carried over.

Number of days without movement for skipping

This option is related to the previous parameter. It lets you set the minimum "age" of unused cards. This prevents a situation where you "empty" a goods or material card a week before closing the period and the program would not carry it over for further use.

Delete unused old cards in the new accounting period

This option lets you remove cards in the new accounting period that were carried over by mistake. For example, this may be the case when the entire inventory was carried over without skipping old "dead stock" and the error needs to be corrected.

Document type for generating lease payment liabilities

Here you set the document type for lease payments if you use the Leasing module.

After filling in all the required details, click the Continue button. ABRA Flexi will then inform you that the initialization has been completed.

If you want to check that the opening balances as of January 1 of the new year match the balances as of December 31 of the previous period, use the accounting output Account balances (you can find it in the All modules menu under the Accounting outputs tile). In the Accounting period field, select the new accounting period.

In the Output section, leave Create PDF file selected, and in the Select print report field, choose Opening account balances - check printout. Click the Export button to create the PDF.

For how to enter opening account balances manually (for example, when switching to ABRA Flexi), see the article on setting opening account balances.

Unlike in the desktop application, you do not need to switch between years, as mentioned above. You can post to both accounting periods at the same time—just enter the correct dates.