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:

Here you also have the option of creating a new period, either by clicking on the current period or via Company > Change or add accounting period. Both options open the same window, where you need to press the "Manage accounting period" button.

Click on new and create a period for the following year (Flexi will suggest it automatically). After creating it, click Save and close. After saving, a notice about the unclosed period will appear under 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 Goods, Sales, Purchase, Money, and Accounting menus.

After opening the document series, you'll find a list of series for the given module. For each series, we set up the series for the new accounting period. To make the change, select the period and press the Change button. The detail of the selected series will open, and we press Add:

The detail and preview of the document series will open, where you'll also find the selection of the accounting period. Here we select the following period and save the series:

We proceed the same way for all document series.

The next step is initialization of the following accounting period, which transfers our closing balances as opening balances, inventory cards and their statuses, and also revalues documents and, if applicable, the bank and cash register. If you want to revalue the bank and cash register, the following steps are required.

Via Money - List of cash registers OR List of bank accounts, you'll find the cash registers and bank accounts you maintain. By default, these payment entities are set without a revaluation requirement. To enable revaluation, select the desired cash register or bank account and click Change. In the detail view, switch to the Administration tab:

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

A prerequisite for the correct calculation of exchange rate differences is the closing of past periods.

If past periods are not closed before the closing, the exchange rate differences will be calculated incorrectly.

Selling into negative stock (issuing delivery notes even when there isn't enough goods in stock) creates outstanding issue requests, which should ideally be updated after each receipt so that the inventory status balances out. This recalculation can be run via the Tools > Update issue requests menu.

At least by the end of the year, it's necessary to check the status of issue requests. This can be checked, for example, via Goods > Inventory Cards, where you'll find the "Status as of date" button in the toolbar. Select the warehouse you want to monitor and enter the date as 12/31, then after generating the status as of date, pay attention to the Requests column, where you can see how many issue requests have been generated. Then also pay attention to the "Inventory status in units with requests" column, which shows how many requests cannot be fulfilled given the current inventory level.

Depending on the number of unresolved requests, it's necessary to create a receipt for at least the exact number of missing pieces and then run "Update issue requests" again, so that the final inventory status as of 12/31 is positive (0< pcs). In the case shown above, we would issue a receipt specifying a Plain receipt of 10 pcs and then run the update.

Initialization of the following accounting period serves as a dual-purpose tool in Flexi. You can either use it to transfer account and inventory card balances and revalue documents, or use it to create a closing. So don't hesitate to run this tool repeatedly if needed.

The first run of initialization serves primarily to transfer inventory cards and their balances, transfer the closing account balances to opening balances, and revalue documents, Cash Registers, and Banks in foreign currencies.

Before the final closing, initialization can be run repeatedly, mainly to update the balances of inventory cards or accounts, after checking during closing. After the final closing, we recommend also locking the closed period to prevent unwanted changes.

Let's return to initialization and its execution at the turn of the accounting period. Position yourself in the period you want to close and transfer its balances to the new period. This tool can be found via Accounting > Initialization of the following accounting period (can be repeated).

After clicking it, you'll find yourself in the accounting period closing wizard:

In the dialog box, set the ledger closing account, ledger opening account, profit/loss transfer account, and the profit/loss result account in approval process (account 431 is not automatically re-posted in the new period, and this step must be done manually using internal documents). If you don't repost the balance, the following message may appear:

Here we check which steps we want to take. If we have no warehouses, leave "Perform inventory transfer" unchecked. If you don't want to perform revaluation (you don't yet have documents from the previous period matched, or you don't maintain a foreign currency), leave "Perform revaluation" unchecked as well. In that case, only the transfer of account balances to opening balances will be performed.

If you left the "Perform revaluation" field checked, clicking Next will lead to a choice of whether you want to revalue only unpaid documents or also Banks and Cash Registers (revaluation creates internal documents; when revaluation is repeated, the original internal documents are overwritten):

The next step in the case of revaluation is the recap of exchange rates as of 12/31:

After starting, internal documents with the revaluation will be created.

If you left the "Perform inventory transfer" field checked, clicking Next will lead to a choice of whether to skip cards with a zero balance (or set the number of days without movement to be skipped), whether you want to confirm the skipped cards (each inventory card marked for exclusion will be offered for confirmation), or whether to cancel unused old cards in the new accounting period:

After all specifications, the "Run closing" field will be offered. After confirming, the following field may appear:

If you're not creating a final closing, confirm this field by clicking YES. The transfers will start, and in the final step, Flexi will offer you the option to print the closing:

Complete the initialization by pressing the "Finish" button, and the notice about the unclosed accounting period will no longer appear under the accounting period (if you make a change in the previous year, the notice about the unclosed period will reappear):

Detailed description of closing operations

To check closing balances against opening balances, we recommend using the resulting report after initialization (statuses as of 12/31) compared to the report found in the module Accounting > Accounting Outputs > Account Balances. There, through print reports, select the "Opening account balances - control print" option

After completing the previous steps, you can work in both accounting periods at the same time. You need to switch between these periods in the side navigation header. The system will not allow you to save a document with a date, e.g., 12/31/2023, into 2024, and vice versa.

Note: The accounting period set in the side navigation header has nothing to do with the accounting period selected in the filter bar of table views.

So you can only post to the active accounting period under the company name.

The period set in the filter bar lets you display documents from that period. If this period doesn't match the accounting period in the side navigation header, you can only view the displayed documents - you can print them, send them by email, etc., but you cannot edit them.

Video tutorial:

Year-end closing

General:
​Checking differing balances

Stocktaking

Guide to closing periods and transferring data

Initialization of the following accounting period function

Summary of steps for the calendar year closing

For the web interface:
​Closing period (WUI)

Stocktaking - WUI

The system only allows accounting closings for full months, not for a specific day.

Flexi does not automatically post the balance from account 431. This operation needs to be performed manually as 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 one without running initialization. (if you have already performed a revaluation, we recommend unchecking it when repeating the transfer)