Closing an Accounting Period
Closing a period is how you tell URBI "the books for this month are final." Once a period is closed, nothing new can post to it by accident, and you have a clean trial balance you can hand to your...
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Closing a period is how you tell URBI "the books for this month are final." Once a period is closed, nothing new can post to it by accident, and you have a clean trial balance you can hand to your board or accountant.
URBI closes a period one cash account at a time, not all at once. Some bank accounts get their statements sooner than others, so you can reconcile and close each one as its statement arrives, instead of waiting on the slowest account to close the whole period.
Applies to: Any property with GL/accounting enabled. Reconciling and closing an account requires manager-level accounting access (see the FAQ for who can do what).
The big picture
Closing a period has three stages:
- Reconcile and close each cash account in the period, one at a time, as statements come in.
- Wait until every cash account is closed for that period.
- Close the period itself, which locks the whole month and gives you a final trial balance.
You don't have to close accounts in any particular order relative to each other, but periods themselves close oldest first: if an earlier period is still open, close it before closing a newer one.
Step by step
- Go to the Bank tab in your accounting navigation. It opens on the Periods list by default.
- Find the open period you want to close. Expand it to see a row for each cash account, with a status chip (green for Reconciled, gold for Closed) and that account's current difference.
- For each account that isn't closed yet, click Balance & close to open its workspace, reconcile it, and close it. See How to Reconcile and Close a Cash Account for the full walkthrough.
- Repeat step 3 until every cash account in the period shows Closed.
- Once all accounts are closed, the Close Period button becomes enabled. Click it.
- Confirm in the re-verification dialog. URBI closes the period.
If Close Period is greyed out, something is still open somewhere. See What's Blocking My Period Close? for how to find and fix it.
What you'll see when it's done
After a period closes, you land on a closed-period review that shows:
- The period's final trial balance
- Each cash account's close status
- An audit timeline of every reconcile, close, and reopen action taken on that period, with who did it and when
Need to fix something after the fact? A closed period isn't permanent. See How to Reopen a Closed Period or Account.