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Fiscal Periods

Fiscal periods control when journal entries can be posted. The GL enforces that every journal references an open fiscal period. Closing a period prevents further postings and locks balances for reporting.

Period Structure​

Each fiscal year has 12 monthly periods plus an optional period 13 for year-end adjustments.

{
  "id": "period-uuid",
  "period_number": 2,
  "period_name": "February 2026",
  "fiscal_year": 2026,
  "start_date": "2026-02-01",
  "end_date": "2026-02-28",
  "status": "open"
}
FieldDescription
period_number1–12 for regular months, 13 for year-end adjustments
fiscal_yearThe fiscal year this period belongs to
statusopen, closed, or locked

Period Statuses​

StatusDescription
openJournals can be posted to this period
closedNo new postings allowed; balances are finalized
lockedPermanently locked after year-end close

List Periods​

GET /api/v1/fiscal-periods

Get Current Period​

GET /api/v1/fiscal-periods/current

Returns the currently open fiscal period.

Create Yearly Periods​

Auto-generate all 12 monthly periods for a fiscal year:

POST /api/v1/fiscal-periods/year/2026

Requires admin role. Creates periods 1–12 with correct start/end dates. Period 1 is set to open; the rest are open (they can be posted to concurrently, or you can close them sequentially).

Create a Single Period​

POST /api/v1/fiscal-periods
{
  "period_number": 13,
  "period_name": "Year-End Adjustments 2026",
  "fiscal_year": 2026,
  "start_date": "2026-12-31",
  "end_date": "2026-12-31"
}

Requires admin role.

Close a Period​

POST /api/v1/fiscal-periods/:id/close

Requires admin role. Once closed:

  • No new journals can be posted to this period.
  • Existing posted journals remain.
  • Balance snapshots for the period are finalized.
warning

Closing a period is irreversible. Ensure all pending journals are posted or rejected before closing.

Year-End Close​

POST /api/v1/fiscal-periods/year/2026/close

Requires admin role. The year-end close process:

  1. Closes all remaining open periods for the year.
  2. Posts closing entries to transfer revenue and expense balances to retained earnings.
  3. Creates period 13 (if not already created) for final adjustments.
  4. Locks all periods for the year (status → locked).
  5. Generates opening balances for the next fiscal year.
Revenue accounts ──▶ debit to zero ──▶ credit Retained Earnings
Expense accounts ──▶ credit to zero ──▶ debit Retained Earnings

After year-end close, asset, liability, and equity accounts carry their balances forward. Revenue and expense accounts start the new year at zero.

Next Steps​