Monthly Period Close

Purpose

This guide helps a non-accountant ADMIN prepare, close, verify, and, only when necessary, reopen a monthly accounting period in Supply Weave.

Manage periods at Accounting Setup -> Fiscal Periods (/accounting/fiscal-periods). For calendar setup and posting-date behavior, see Fiscal Years and Periods. For the shorter control checklist, see the Operator Period-Close Checklist.

What Closing A Period Means

Closing a monthly period is a posting lock, not certification of the accounts. After a period is CLOSED, new accounting postings dated inside that period are rejected. A different period remains available for posting when it is generated, OPEN, and the transaction passes its normal workflow checks.

Closing does not:

complete draft or unfinished business documents;
prove that every real transaction was entered;
reconcile bank, cash, supplier, customer, inventory, tax, or VAT records;
calculate depreciation, accruals, provisions, tax, or audit adjustments;
prove that account classification is correct; or
certify, audit, or approve the financial statements.

The ADMIN operates the control and retains evidence. The finance owner or chartered accountant (CA) remains responsible for cutoff policy, accounting judgments, approved adjustments, tax and VAT, provisions, statutory reporting, and professional review.

Before You Start

Confirm all of the following before closing:

The finance owner or CA has agreed the period, cutoff date, responsibilities, and approval required to close.
The selected period’s name and inclusive start and end dates are correct.
All expected transactions for the month have been entered with correct business dates, parties, quantities, currencies, rates, and amounts.
Documents intended to affect accounting have reached their posting step.
Incomplete documents have been resolved or listed with an owner and approved treatment.
External reconciliations and supporting schedules have been completed.
Relevant Accounting Readiness findings have been investigated.
CA-approved adjustments have been posted and the affected reports rerun.
Review reports, reconciliations, approvals, and source evidence have been saved under the organization’s retention policy.

Review Incomplete Documents

Accounting reports contain posted ledger activity. They cannot show a real event that was never entered, and an operational document may exist without having posted accounting.

Review sales, procurement, inventory, settlement, advance, expense, and journal work for the period. In particular, look for:

draft Goods Receipt Notes, Supplier Bills, Delivery Challans, and Commercial Invoices that should have been received, posted, dispatched, or posted;
incomplete supplier payments, customer receipts, expenses, advances, or LC realization work;
draft or missing manual and adjustment journals;
transactions entered with a date outside the intended month; and
cancelled or reversed activity that requires follow-up.

A confirmed Purchase Order or Sales Order affects inventory planning but does not by itself create an accounting journal. A draft operational document does not become a posting merely because the month is closed. Use Automatic Accounting Postings to identify the posting action for each document type.

If an unfinished item legitimately belongs in a later period, retain the approved cutoff explanation. Do not change a date merely to make the close easier.

Complete External Reconciliations

Compare Supply Weave with evidence outside the application. The exact package is set by the business and its CA, but normally includes:

bank ledger balances against bank statements, including timing differences;
petty cash against a physical cash count;
customer balances against invoices, receipts, and customer confirmations;
supplier balances against bills, payments, and supplier statements;
inventory quantities and values against stock records and physical counts;
advances, LCs, taxes, VAT, payroll, fixed assets, depreciation, accruals, and provisions when applicable; and
unusual, old, negative, or unsupported balances.

Receipt & Payment is not a bank reconciliation. It summarizes posted cash and bank activity but does not match it to a statement or identify unpresented items.

Review Readiness And Reports

Open Accounting Setup -> Readiness (/accounting) and refresh it after the latest posting and setup changes. Investigate every WARNING and BLOCKER relevant to the month, especially unresolved accounts, imbalances, classifications, calendar issues, and postings outside configured periods.

Global Readiness is diagnostic. Its overall status does not automatically block ordinary monthly close. This does not make a finding safe to ignore: record its owner, effect, correction, or approved explanation. Readiness also does not prove document completeness or replace reconciliation.

Use this report order:

Run Trial Balance for the exact period. Confirm opening, period movement, and closing debit and credit reconciliations. Investigate every difference and unresolved account.
Use General Ledger to investigate material, unusual, abnormal, or unsupported balances and to trace report amounts to journals and source documents.
Run Profit & Loss for the period. Review revenue, cost of sales, expenses, classification, and the resulting profit or loss against expectations and approved schedules.
Run Statement of Financial Position as of the period end. Review assets, liabilities, equity, abnormal signs, current-year earnings, and its visible reconciliation.
Run Receipt & Payment for the month. Review classified cash and bank activity, then compare it with the completed external cash and bank reconciliations.

If a report raises a question, return to the General Ledger, journal, source document, and external evidence. See Financial Reports, the Receipt & Payment guide, and the CA Handover and Export Guide.

Post Approved Adjustments

Do not edit an exported CSV or PDF and treat the edit as an accounting correction. Obtain CA or finance-owner approval, then post the correction through the proper business cancellation or reversal workflow, or through Manual & Adjustment Journals when an accounting adjustment is appropriate.

Record the reason, related period, provider, reference, working-paper reference, and correction link required by the approved adjustment process. After posting:

Inspect the resulting journal and affected General Ledgers.
Rerun Trial Balance and every affected financial report.
Update the external reconciliation or supporting schedule.
Obtain final approval to close.

Close The Monthly Period

Open Accounting Setup -> Fiscal Periods (/accounting/fiscal-periods).
Select the intended fiscal year so the correct 12-month calendar is displayed.
In Accounting Period Calendar, verify the period number, name, fiscal year, inclusive date range, and OPEN status.
Select Close in that period’s Actions column.
In the Close [period name] dialog, read the warning that closing locks accounting changes dated inside the period.
Enter a specific, nonblank Reason. Refer to the review or approval evidence, for example August close approved by Finance, package FIN-2026-08-v2 rather than done.
Select Close Period. Do not navigate away while the action is being processed.
Confirm the dialog closes and the period status changes to CLOSED.

The close reason is required. Cancel exits without closing the period.

Verify The Close And Audit Evidence

After closing:

Confirm Accounting Period Calendar shows CLOSED for the intended period, not an adjacent month.
Review Last action for the close reason and actor.
Select Audit on the period row. Confirm Audit Logs shows the successful CLOSE event for the correct accounting period, actor, and time.
Confirm later intended posting periods remain in the approved status.
In an approved test or acceptance environment, verify that a posting dated in a closed period is rejected. Do not create an unwanted production transaction to test the lock.
Save the final report exports and evidence listed below.

Retain at least:

period ID, name, date range, and final status;
close reason, approver evidence, actor, timestamp, and Audit Log record;
Accounting Readiness review and disposition of non-passing findings;
final Trial Balance, Profit & Loss, Statement of Financial Position, Receipt & Payment, and relevant General Ledger exports;
external reconciliations and supporting schedules;
incomplete-document and cutoff review;
adjustment approvals, working papers, and journal references; and
any reopen and subsequent re-close evidence.

Reopen A Monthly Period

Reopening is exceptional. Prefer an approved correction in the current open period when that treatment is appropriate. Reopen only when the finance owner or CA has approved changing accounting in the previously closed month.

A monthly period cannot be reopened independently while its fiscal year is CLOSED. Follow Fiscal Year Close if the fiscal year must first be reopened.

Before Reopening

Obtain written approval identifying why reopening is necessary, what will change, who will make the change, and which reports or filings are affected.
Confirm the containing fiscal year is OPEN.
Identify every previously distributed report or reconciliation that must be replaced.
Prepare a precise reopen reason and a controlled correction plan.

Reopen, Correct, And Re-Close

Open Accounting Setup -> Fiscal Periods and select the fiscal year.
Find the CLOSED period and select Reopen.
In the Reopen [period name] dialog, enter a specific, nonblank Reason referencing the approval and correction evidence.
Select Reopen Period and confirm the status changes to OPEN.
Review Last action for the reopen reason and reopen count, then use Audit to confirm the successful REOPEN event.
Post only the approved corrections. Verify their journals and source evidence.
Rerun the complete close review, including external reconciliations, Readiness, Trial Balance, General Ledgers, Profit & Loss, Statement of Financial Position, and Receipt & Payment as affected.
Replace superseded reports and clearly identify the new versions.
Select Close, enter a new nonblank reason referencing the correction and revised approval, and select Close Period.
Confirm the period is CLOSED and retain the REOPEN and later CLOSE Audit Log events together.

Troubleshooting

The Reason Is Rejected

The Reason cannot be blank or only spaces. Enter a meaningful explanation that identifies the review, approval, or correction evidence. Reopen the dialog if it was closed before submission.

The Period Is Not In The List

Check the fiscal-year, status, and scope filters and the current page. Confirm the required fiscal year was generated. Do not generate an overlapping or disconnected calendar merely to make a transaction pass.

A Posting Is Rejected After Close

Check the source document’s business date. If it falls in the closed month, the lock is working. Do not move the date without valid business evidence. Ask the finance owner or CA whether to reopen exceptionally or post an approved current-period adjustment.

The Month Closed Despite A Global Readiness Blocker

This can be expected because global Readiness does not automatically block monthly close. Investigate and document the finding. If it affects the month’s reports, obtain approval, reopen when necessary, correct it, rerun reports, and re-close.

Reports Changed After Close

Stop distribution and investigate the report filters and posting dates. Review Audit Logs for reopen activity and inspect General Ledger and journals. Replace reports only after the cause is understood and the approved close process is repeated.

Reopen Is Not Available Or Fails

Confirm the period is CLOSED and its fiscal year is still OPEN. If the fiscal year is closed, use the controlled fiscal-year reopen procedure and observe its sequencing rules.

Return to the Accounting User Guides index.

Reviewed against the application on: 2026-08-21