Why can't I close a period?

At Wyzio, we are committed to maintaining the highest standards of financial accuracy. To safeguard the integrity of your accounting records, our system includes a robust mechanism that prevents the closure of any financial period if discrepancies are detected in the General Ledger. For example, discrepancies may occur if an allocation has not been correctly assigned to a purchase invoice.

This rigorous approach ensures that no erroneous financial statements are generated at the close of the fiscal year. Correcting these issues is straightforward: simply navigate to the General Ledger, where you'll find a critical tool—a checkbox—at the upper right corner.

By selecting this checkbox, the system will generate a comprehensive list of entries with accounting errors. This consolidated view allows you to efficiently address and correct each error, ensuring your financial records are accurate. Once corrections are made, you can confidently finalize and close the period.

By following this simple procedure, you reinforce the precision and reliability of your financial management, allowing you to proceed with confidence throughout your fiscal year.