Close and reopen periods

Closing a month locks its books: nothing can be booked or changed on or before its last day, and every earlier month is locked with it. You close a month when its work is done, typically after the bank reconciliations, the payroll, the depreciation and the month-end entries. When a month is closed, Verasol also revalues your foreign-currency balances at the month-end rate. Closing and reopening are always done by a person: Vera can tell you what is left to do, but she never closes or reopens a month.

See which months are closed#

Open Period Closing in the main menu. Under the title, Verasol says up to which date the books are closed. The list shows each month of the Financial year with its status.

• 1 Financial year chooses the year; the arrows go to the previous and the next one.
• 2 A closed month shows who closed it and when, and Reopen.
• 3 A month that has ended shows Close month.

Close a month#

1. Click Close month on the month's row. Verasol checks the month and shows the checklist.
2. Read the checklist (see below). If something must be done first, it is listed in red at the top and the month can't be closed yet.
3. Confirm what the checklist asks you to confirm, and check the closing rates.
4. Click the close button at the bottom of the window (for example, Close July 2026).

1 Draft documents, 2 Payroll, 3 Bank reconciliation, 4 VAT return, 5 Foreign-currency revaluation, 6 the button that closes the month.

When the month is closed, the window shows What was booked: the revaluation entries, each with a link to the entry. Click Done.

What must be done first#

Verasol does not close a month while:

• it has not ended yet;
• a manual journal entry dated in it is still a draft: post or delete it in Journal Entries;
• depreciation dated in it is still a draft, or the depreciation of a fixed asset has not been run up to that month: run and post it in Fixed Assets;
• a foreign-currency bank account has ledger lines in another currency.

A month that is already locked by a later close can't be closed on its own: reopen the later month first.

The checklist#

What Verasol books when you close#

Closing a month books one thing: the revaluation of your foreign-currency balances at the closing rate, as an unrealised exchange gain or loss.

• Each foreign-currency bank account is brought to its balance at the closing rate. This revaluation stays in the books.
• The open foreign-currency invoices and bills are revalued on the month-end, and that entry is reversed on the first day of the next month.

For example, when June 2026 was closed in the documentation company, an open euro invoice was worth AED 17.76 more at the closing rate. Verasol posted JE-2026-6206-00991 on 30 June 2026 and its reversal on 1 July 2026:

When the balances are already at the closing rate, nothing is booked. See Foreign-currency revaluation to review a revaluation document by document before you close.

What a closed month blocks#

Once a month is closed, Verasol refuses anything dated on or before its last day:

• no document can be issued, approved or posted with a date in it, and no journal entry can be posted in it;
• an invoice or bill dated in it can no longer be corrected in that month: correct it with a credit note or a debit note dated in an open month;
• when something from a closed month is cancelled or reversed, the reversing entry is dated today, in an open month. The closed month keeps the figures it was closed with.

Verasol records the balances of every account when a month is closed. Books health checks every night that the closed months still show exactly those balances.

Reopen a month#

If something in a closed month has to change, reopen it:

1. Click Reopen on the month's row.
2. Enter the Reason for reopening (required), at least 5 characters. For example: a supplier bill for this month arrived late.
3. Click Reopen.

1 Reason for reopening (required), 2 Reopen.

Because a close locks every earlier date, reopening a month also reopens the later closed months, with the same reason: the window warns you and the button becomes Reopen all with the number of months. The month then shows Reopened, with who reopened it, when, and why. Every close and reopen is also recorded in the audit log.

The revaluation booked when the month was closed stays in the books. When you close the month again, Verasol checks it and corrects it if the balances have changed.

Who can do it#

Everyone with Accounting: journal (view) or Reports and dashboard (view) can see the closing status. Closing and reopening months needs Accounting: close and reopen periods; without it, the page says so and shows no buttons.

An accountancy firm can close the same month for several client companies at once with a bulk action. See Bulk actions.

Related#

• How Verasol keeps your books
• Foreign-currency revaluation
• Books health
• Bank reconciliation
• Run payroll
• Depreciation and disposal