Closing a period¶
To help you keep your accounts tidy, and help you avoid errors, Tryton lets you close each of your Company’s accounting Periods as soon as they are finished.
Check everything is ready¶
Before you go ahead and close the period it is a good idea to check that you have recorded all the transactions related to the period in Tryton. This includes any Account Moves that are needed for things like prepayments, accruals or depreciation. You may also want to check that things like bank balances reconcile, and account moves have been posted.
Tip
If you are not ready to close the period, but want to restrict which Journals are still open then you can partially close a period. In Tryton this is done by using the [] main menu item.
Close the period¶
Once you are happy everything seems to be okay you use the [] main menu item to close the period.
Note
Many companies will also have their own additional processes which need to be run at period end. These may include things like generating reports, and reporting taxes.
Tip
If you need to make changes to a closed period you can re-open it, unless it has been locked.
To re-open a closed period use the [] menu item. To find a closed period, you will need to clear the filter so that all the periods are listed, not just the open ones.
Closing a fiscal year¶
There are several steps you need to follow in order to close a Fiscal Year in Tryton.
Check everything is ready¶
To help you prepare to close the fiscal year you will often want to first ensure all its Periods are closed, by following your normal procedures for Closing a period.
Now is also a good time to double check that you haven’t forgotten anything, and ensure that there are no obvious errors, or anomalies.
Reset non-deferral accounts¶
Next, you need to move the balances of all the non-deferral Accounts (also known as nominal or temporary accounts) to an appropriate deferral account (also known as real or permanent account). The best way to do this is to use the Balance Non-Deferral wizard.
Tip
When using the balance non-deferral wizard, you should create an adjustment period for the year end closing entries. It is best practice to use the last day of the fiscal year as both the start and end date for this period.
Tip
The first time you use the balance non-deferral wizard, you may need to
create a special Situation Journal for
the year end closing entries.
Create other year end entries¶
With the initial closing entries created you can now go ahead and create any other moves that are required by the accounting processes of your country. These will be moves for things like taxes on revenue, dividends, and so on. When creating these you may want to use the adjustment period you used in the last step.
Close the fiscal year¶
Finally once all the year end and closing moves have been posted you can close the fiscal year from the [] menu item.