Fiscal year & closing

Fiscal year

In Rowdx

1. Accounting
2. Setup
3. Fiscal Years

The current fiscal year is created automatically. Before each new year starts, create the next one (start and end dates) so you can record its transactions.

Locking periods (monthly)

In Rowdx

1. Accounting
2. Setup
3. Accounting Periods

After reviewing a month and filing its VAT return, lock it to prevent accidental changes:

1. Create an Accounting Period with the month's start and end dates.
2. Choose which documents are locked (sales and purchase invoices, journal entries…).
3. Save. No document dated inside this period will be accepted.

You can also set a general freeze date in Accounts Settings (Accounts Frozen Till Date) and allow only a specific role to edit before it.

Year-end closing

In Rowdx

1. Accounting
2. Payments & reconciliation
3. Period Closing Voucher

Before closing

• Match all bank transactions.
• Record year-end entries: depreciation, accruals and prepayments, provisions.
• Reconcile system stock with the physical count.
• Review the trial balance and financial statements.

The closing voucher

1. Create a Period Closing Voucher.
2. Choose the fiscal year to close.
3. Choose the closing account, usually Retained Earnings under equity.
4. Submit.

The net profit or loss is transferred from income and expense accounts to the closing account, so the new year starts with zero P&L accounts while balance sheet balances carry forward.

WARNING

Close after the financial statements are approved with your auditor. If you need a change after closing, cancel the closing voucher, make the change, then create it again.