Fiscal Year & Period Setup
Evrykit uses Fiscal Years divided into Accounting Periods. All journal entries must be posted to an Open period.
Fiscal Year Statuses
| Status | Meaning |
|---|---|
| Open | Transactions can be posted to any open period within this year |
| Closed | Year-end has been run; no new postings allowed |
Accounting Period Statuses
| Status | Meaning |
|---|---|
| Open | Journals, invoices, bills, and payments can be posted |
| Closed | No new postings; can be reopened by an admin |
| Locked | Permanently sealed — typically after statutory audit |
Creating a Fiscal Year
Go to Accounting → Fiscal Years → New.
- Set the Start Date and End Date (usually 12 months)
- Choose how to generate periods: monthly, quarterly, or custom
- Click Create — periods are auto-generated
Opening a Period
New periods are created as Closed by default. To allow postings:
- Open the fiscal year
- Click Open next to the period you want to activate
- Only one or two periods are typically open at any time
Closing a Period
Once all transactions for a period are complete:
- Click Close on the period
- A warning is shown if any draft documents are unpublished for that period
- Closed periods can be reopened by admins if a correction is needed
Locking a Period
Lock a period when it has been audited or filed with tax authorities. Locked periods cannot be reopened.
Year-End Close
To close a fiscal year:
- Ensure all periods are closed
- Click Close Year on the fiscal year record
- Carry forward retained earnings / opening balances to the next year (manual journal)