Fiscal periods

It is important that you have created the correct fiscal periods in Xena.

Create the First Fiscal Period

When you create a new company in Xena, one of the first things you need to do is create your first accounting period. Without this period, you cannot begin posting entries or issuing invoices.

Go to Setup > Ledger Setup > Fiscal Years.

In the overview of fiscal years, you can see the status of each period. The status can be:

• Recalculation required – the period requires recalculation of opening balances
• Open – the period is open and allows new postings
• Closed – the period is closed for new postings
• Locked at – shows the date if the period is locked until a specific date

If you want to modify an accounting period, you can open it from the list and adjust the description, start date and end date.

⚠️NOTE: The dates must be correct before you begin posting in the period!

Block or Lock a Period

When you have completed a VAT period, you can lock the period to prevent further postings. When a fiscal year is fully closed and reconciled, you may choose to block it.

You can do this in two ways:

• Open the period, click the pencil icon, and enter a date in the Locked at field
• Remove the checkmark from Open if you want to block the entire fiscal year

You can always reopen a previously blocked or locked period if needed.

Recalculate Primo Postings

In the overview of accounting periods, the Status column indicates if an primo balance recalculation is needed.

If the status shows Recalculation required, it is recommended to run a recalculation to ensure correct balances on your ledger accounts.

1. Open the period
2. Go to the Primo Postings box
3. Select Recalculate primo postings

➡️ Read here how to enter primo balances.

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