- Soft closing, or pre-closing, a fiscal year maintains the integrity of the account balances by prohibiting any posting of transactions to that period. Fiscal years/periods can be re-opened if it is soft closed.
Note: When using the soft close function your financial statements will still show the correct fund balance amounts, because the reports perform a mock close each time they are run.
- Hard closing a fiscal year permanently prevents posting to that fiscal year. The only way to reopen a fiscal year that has been hard closed is by restoring from the backup made prior to hard closing. Only years that are at least 2 years old can be hard-closed.
To determine if a period is soft closed or hard closed, check the Transaction Status of the fiscal year in Configuration.
- If it is Closed, then the fiscal year is hard closed and cannot be re-opened
- If it is Open, then open the fiscal year and check the Closed? column. If the checkbox is marked, then that fiscal period is soft closed. If the checkbox is not marked, then that fiscal period is open.
Also refer to: