Why can't I close a period?

In upholding the highest standards of financial accuracy, Wyzio has implemented a safeguard mechanism to ensure the integrity of your accounting records. Specifically, the system has been designed to prevent the closure of a financial period if any discrepancies exist within the General Ledger. Such discrepancies may arise, for instance, if an allocation has not been appropriately assigned to a purchase invoice.

This meticulous approach is meticulously employed to eliminate the possibility of erroneous financial statements emerging at the close of the fiscal year. Rest assured, rectifying these potential errors is an uncomplicated process. Begin by navigating to the General Ledger, where you will find an essential tool located at the upper right corner – a checkbox.

Upon selecting this checkbox, the system will promptly compile a comprehensive list of entries featuring accounting errors. With this consolidated overview at your disposal, you can efficiently address each error and make the necessary corrections. This diligent endeavor ensures that your financial records are immaculate, subsequently granting you the capability to confidently finalize and close the designated period.

By adhering to this straightforward procedure, you empower your financial management with precision and accuracy, allowing you to proceed with confidence as you navigate the various chapters of your fiscal journey.