General Ledger Closing
GL Closing finalises a fiscal year or tax period. Once closed, nothing in that period can be changed — which is what makes reported figures and submitted tax returns permanent rather than merely current.
Overview
Closing is the control that turns "the figures as they stand" into "the figures as filed". Without it, a posting dated into last quarter can silently change a return you have already submitted.
This screen is available to Super Admin users only. It permanently locks financial data, so access is deliberately restricted — see Users and Their Permissions.
Key Features
| Feature | What it does |
|---|---|
| GL Closing Date | Marks the end of the closed period. Nothing on or before it can be edited. |
| Prevention of edits | Postings, edits and voids in the closed period are refused. |
| Preservation of filed figures | What you reported stays what you reported. |
Process
- Complete every adjustment for the period — accruals, prepayments, depreciation, stock and bank reconciliation.
- Confirm the trial balance is right and agreed.
- Open General Ledger > GL Closing.
- Set the closing date.
- Process. From that point the period is locked.
Before you close
| Check | Why |
|---|---|
| Bank accounts reconciled | An unreconciled bank is an unverified balance. See Reconcile. |
| Customer and supplier ageing agree to the ledger | Confirms receivables and payables are right. |
| Stock valuation agrees to the inventory account | Confirms stock is right. |
| GRN clearing account is near zero | A balance means goods received with no bill booked. See Goods Receipt Note. |
| Period-end journals posted | Accruals, prepayments and depreciation. |
Closing cannot be undone. A period reopened is not a supported operation, so treat the closing date as a decision rather than a routine step — and work the checklist above before you commit to it.
After closing
Corrections to a closed period are made by posting a reversing journal in an open period. That is the correct accounting treatment in any case — it leaves both the original error and its correction visible, which is what an auditor expects to see.
Closing a period against closing a year
GL Closing locks a date. Closing a financial year goes further: it carries the difference between asset and liability accounts into retained earnings and retires the year entirely.
Related pages
- Financial Years — closing a whole year
- Journal Entry — posting corrections after close
- Reconcile — a prerequisite before closing
- Go-Live Checklist — the same verification discipline