Fiscal Years And Periods

Purpose

Fiscal years and accounting periods define which dates can receive accounting postings. An ADMIN manages the calendar at Accounting Setup -> Fiscal Periods (/accounting/fiscal-periods).

This guide explains calendar setup and posting behavior. For controlled monthly and fiscal-year close or reopen procedures, use the Operator Period-Close Checklist.

Set The Start Month First

Open Accounting Setup -> Accounting Settings (/accounting/settings) and agree the Financial Year Start Month before generating the first fiscal year.

The fiscal year starts on the first day of the selected month.
January produces a calendar-year name such as FY 2026.
A non-January start produces a range such as FY 2026-2027.
Once any fiscal year exists, the start month cannot be changed because generated period dates depend on it.
Base ledger currency is fixed to BDT; currency setup does not change the fiscal calendar.

See Accounting Settings for field-by-field guidance.

Fiscal Year Structure

Generating a fiscal year creates the fiscal year and exactly 12 accounting periods in one transaction. Each period is one complete calendar month, even when the fiscal year starts outside January.

For example, a July start creates:

FY 2026-2027
Period 01: July 2026
Period 02: August 2026
...
Period 12: June 2027

The first fiscal year may begin at any approved year. Every later generated year must be immediately before the earliest year or immediately after the latest year. This prevents internal gaps. Fiscal years and periods cannot overlap, and the 12 periods must cover the complete fiscal year without gaps.

Newly generated fiscal years and all 12 of their periods begin as OPEN.

OPEN And CLOSED

An accounting period has one of two statuses:

Status	Meaning
`OPEN`	Ledger-producing activity dated in this period may post if all other workflow rules pass.
`CLOSED`	New journals and vouchers dated in this period are rejected.

Closing a period is a posting lock. It does not finish draft operational documents, reconcile accounts, calculate tax, approve the books, or certify reports. Close and reopen actions require a nonblank reason and create audit evidence. Reopening is an exception and cannot be performed independently when the containing fiscal year is closed.

Do not use this page alone as a close procedure. Follow the Operator Period-Close Checklist.

How Posting Dates Behave

The accounting period is selected from the posting’s accounting date, not from the date the operator happens to click an action.

Original accounting entries use the source document’s business date.
A posting date must fall in exactly one generated accounting period.
That period must be OPEN.
If no period contains the date, the posting is rejected.
If the matching period is CLOSED, the posting is rejected and the associated business-state and accounting changes roll back together.
Future-dated posting is allowed when the future date belongs to a generated OPEN period. The wall-clock date is not the deciding control.
Ordinary reversals use the current UTC date and therefore require the current date’s period to exist and be OPEN; they do not rewrite an original closed period.
Controlled fiscal-year reopen is a special year-end exception handled by the fiscal-year close workflow, not by ordinary posting.

Operational drafts may still be edited when the edit creates no ledger effect. The lock applies when a workflow produces a journal or voucher.

Calendar Coverage Planning

Generate enough contiguous years to cover:

The opening-balance cutover date
Historical dates that must be imported or adjusted
The current operating date
Approved future-dated business documents
The likely date of a reversal or settlement action

Do not generate disconnected years merely to make one transaction pass. Confirm the calendar range and fiscal basis with the finance owner or CA.

Printable Calendar Checklist

Before Generation

The CA or finance owner approved the fiscal-year start month.
Accounting Settings shows that month correctly.
No fiscal year has been generated with an incorrect start month.
The required earliest and latest posting dates are known.
The proposed year will be the first year or directly adjacent to the existing calendar.

After Generation

The fiscal-year name and inclusive start and end dates are correct.
Exactly 12 periods exist.
Period 01 starts on the fiscal-year start date.
Period 12 ends on the fiscal-year end date.
Every period is one complete calendar month.
There are no gaps or overlaps between periods or fiscal years.
Intended posting dates belong to the expected periods.
Period statuses match the approved posting plan.
Accounting Setup -> Readiness reports the fiscal year and calendar checks as expected after refresh.

Before Any Close Activity

The finance owner or CA has supplied the close policy and approval boundary.
Operators understand that a CLOSED period rejects new dated postings.
Reports, reconciliations, draft-document review, and adjustments will be handled under the dedicated close procedure.
No one is relying on global Readiness alone as proof that a period is ready to close.

Verification

Open Fiscal Periods and inspect the fiscal year, period number, period name, inclusive date range, and status.
Confirm the opening-balance date and normal transaction dates fall in the intended periods.
Refresh Accounting Setup -> Readiness and review Financial year exists, Current period exists and is open, Fiscal calendar has no gaps or overlaps, and No postings exist outside configured periods.
In an approved test environment, verify that a posting date in an OPEN period is accepted and a posting date with no period or a CLOSED period is rejected. Do not create unwanted production transactions for testing.
Retain the agreed fiscal basis and calendar review as setup evidence.

Common Mistakes

Generating the first year before confirming the start month.
Assuming the start month can be changed later.
Generating a year separated from the existing calendar.
Assuming the current month is enough; source documents may carry historical or future business dates.
Assuming a future date is always blocked. It is allowed when its own period is generated and OPEN.
Assuming a draft document has already posted to accounting.
Backdating a reversal into the original period. Ordinary reversals use the current UTC date and current open period.
Treating monthly close as an accounting review, reconciliation, or CA approval.
Closing or reopening without following the controlled period-close checklist.

Responsibility Boundaries

Supply Weave generates 12 contiguous monthly periods, prevents calendar gaps and overlaps, attributes each posting to its date’s period, enforces OPEN status, and audits close and reopen changes. The business and its CA remain responsible for the fiscal basis, cutoff policy, transaction completeness, reconciliations, adjustments, tax and VAT, approvals, and evidence supporting any close or reopen.

Return to the Accounting User Guides index.

Reviewed against the application on: 2026-08-21