At the turn of the accounting period, certain steps need to be taken to ensure everything is in order and ready for the new period. Below you will find all the steps required to transfer balances, inventory cards, and revalue documents.

The current accounting period can be found under the company name:

It is also possible to create a new period here by clicking on the current period, or via Company > Change or add accounting period. Both options open the same window, where you need to click the "Manage Accounting Period" button.

Click "New" and create the period for the following year (Flexi will suggest it automatically). After creating it, click Save and Close. Once saved, a notification about an unclosed period will appear below the accounting period.

You can switch between periods using the arrows next to the current period.

After creating a new accounting period, you need to set up document series for the following year. Document series can be found under the Inventory, Sales, Purchases, Money, and Accounting menus.

After opening a document series, you will see a list of series for the given module. For each series, set up a series for the new accounting period. Make the change by selecting the period and clicking the Change button. The detail of the selected series will open — click Add:

The detail and preview of the document series will open, where you will also find the accounting period selector. Select the next period and save the series:

Repeat this process for all document series.

The next step is the initialization of the next accounting period, which transfers closing balances as opening balances, inventory cards and their balances, and also revalues documents and, if applicable, bank accounts and cash registers. If you want to revalue bank accounts and cash registers, the following steps must be taken.

Via Money - List of Cash Registers OR List of Bank Accounts, you can find your cash registers and bank accounts. By default, these payment entities are set up without a revaluation requirement. To enable revaluation, select the desired Cash Register or Bank Account and click Change. In the detail view, navigate to the Management tab:

If the Cash Register or Bank Account is in a foreign currency, you will be offered the option to check the "Create revaluation during accounting period initialization" checkbox. Once checked, the selected Cash Registers and Bank Accounts will also be revalued during initialization.

A prerequisite for correctly calculating exchange rate differences is that previous periods are closed.

If previous periods are not closed before year-end closing, exchange rate differences will be calculated incorrectly.

Selling into negative stock (issuing delivery notes even when there is insufficient inventory) creates issue requests, which should ideally be updated after each receipt so that the inventory balance is reconciled. You can run this recalculation via the Tools menu > Update Issue Requests.

At least at year-end, it is necessary to check the status of issue requests. This can be done, for example, via Inventory > Inventory Cards. In the toolbar, find the "Balance as of Date" button. Select the monitored warehouse and enter the date as 31/12. After generating the balance as of that date, pay attention to the Requests column, which shows how many issue requests have been generated. Also pay attention to the "Stock balance in units including requests" column, which shows how many requests cannot be fulfilled based on the current stock level.

Based on the number of unresolved requests, it is necessary to create a goods receipt for at least the exact number of missing units, and then run "Update Issue Requests" again, so that the closing stock balance as of 31/12 is positive (0< units). In the example above, you would create a receipt specifying a Simple Receipt for 10 units and then run the update.

The initialization of the next accounting period serves as a dual-purpose tool in Flexi. You can use it either to transfer account balances and inventory cards and revalue documents, or to perform a year-end closing. Do not hesitate to run this tool multiple times as needed.

The first run of the initialization is primarily intended for transferring inventory cards and their balances, transferring closing account balances to opening balances, and revaluing documents, Cash Registers, and Bank Accounts in foreign currencies.

Before the final closing, the initialization can be run repeatedly — primarily to update inventory card or account balances after checks during the closing process. After the final closing, we recommend locking the closed period as well, to prevent any unwanted changes.

Let's return to the initialization and how to run it at the turn of the accounting periods. Navigate to the period you want to close and transfer its balances to the new period. This tool can be found via Accounting > Initialize Next Accounting Period (can be repeated).

After clicking, you will enter the accounting period closing wizard:

In the dialog box, set the closing ledger account, the opening ledger account, the profit/loss transfer account, and the profit/loss account under approval proceedings (account 431 is not automatically re-posted in the new period — this step must be done manually via internal documents. If you do not re-post the balance, the following message may appear:

Here, check which steps you want to perform. If you do not have warehouses, leave "Perform inventory transfer" unchecked. If you do not wish to revalue (e.g., you have not yet matched all documents from the previous period, or you do not use foreign currencies), also leave "Perform revaluation" unchecked. In that case, only the transfer of account balances to opening balances will be performed.

If you have left the "Perform revaluation" checkbox selected, clicking Next will bring up a selection of whether you want to revalue only outstanding documents or also Bank Accounts and Cash Registers (revaluation creates internal documents; if revaluation is repeated, the original internal documents will be overwritten):

The next step in the revaluation process is a summary of exchange rates as of 31/12:

Once the process is run, internal documents with the revaluation will be created.

If you have left the "Perform inventory transfer" checkbox selected, clicking Next will bring up a selection of whether you want to skip cards with a zero balance (and optionally set how many days without movement before a card is excluded), whether you want to confirm skipped cards (each inventory card marked for exclusion will be presented for confirmation), or whether to delete unused old cards in the new accounting period:

After all the specifications, the "Run closing" button will appear. After confirming, the following dialog may be displayed:

If you are not performing the final year-end closing, confirm this dialog by clicking YES. The transfers will run, and in the final step Flexi will offer the option to print the closing report:

Complete the initialization by clicking the "Finish" button. The notification about an unclosed accounting period will no longer appear below the accounting period (if you make a change in the previous year, the unclosed period notification will reappear):

Detailed description of closing operations

To verify closing balances against opening balances, we recommend using the output report generated after initialization (balances as of 31/12) and comparing it with the report found in the Accounting > Accounting Outputs > Account Balances module. From the print reports, select "Opening account balances — control print".

After completing the previous steps, you can work in both accounting periods simultaneously. You must switch between periods using the sidebar navigation header. The system will not allow you to save a document dated, for example, 31/12/2023 into the year 2024, and vice versa.

Note: The accounting period set in the sidebar navigation header has nothing to do with the accounting period selected in the filter bar of tabular overviews.

You can only post to the active accounting period shown under the company name.

The period set in the filter bar allows you to display documents from that period. If this period does not match the accounting period in the sidebar navigation header, you can only view the displayed documents — you can print them, send them by email, and so on, but you cannot edit them.

Video tutorial:

Year-end closing

General:
​Checking differing balances

Inventory count

Guide to closing the period and transferring data

Initialize Next Accounting Period function

Summary of steps for the calendar year-end closing

For the web interface:
​Period closing (WUI)

Inventory count - WUI

The system allows accounting closing only for complete months, not as of a specific day.

Flexi does not automatically post the balance from account 431. This operation must be performed manually via internal documents in the current (closing) year. (Profit: 431/428, or loss: 429/431).

Yes, if you make changes in the previous year, they will not be reflected in the new year without running the initialization again. (If you have already completed the revaluation, we recommend unchecking it when running the transfer again.)