aACE features the ability to manage periods and fiscal years with ease and flexibility. To manage this, navigate to aACE Preferences > Period Management. Here you can open and close periods, as well as open and close entire fiscal years. Closing a fiscal year will close all corresponding periods.
Closing a Period
Closing a period simply prevents additional transactions from being applied to that month. This is the only effect of closing a period. You'll want to close a month in order to prevent accounting balances from changing for that month. If you need to post an adjustment to a closed month, you can reopen the period, post your adjustment, and re-close the period. However, you can only reopen a period if it belongs to an open fiscal year.
Different offices in aACE share the same period management infrastructure, so closing a period closes that month for all offices.
Closing a Fiscal Year
Closing a fiscal year closes all of the year's open periods. It also moves the respective year's Current Year Earnings (a.k.a. "Net Income") balance into Retained Earnings. Finally, it resets all of the income statement accounts to 0.00. You may reopen a fiscal year if necessary.
Closing a fiscal year closes the fiscal year for all offices in aACE.
Note: Neither close process affects the status of transactions in aACE, so an open purchase will remain an open purchase regardless of the status of the related period or fiscal year, for example. During the close process, users can be logged into aACE and working as usual.