Period close finance
Monthly or annual process that freezes transactions in an accounting period, ensuring the issued financial statements cannot change retroactively.
Detail
Period close is the most critical accounting routine. Typical steps: reconcile banks, post depreciation and amortization, adjust physical inventory, recognize deferred revenue, compute period taxes, generate draft reports, review and adjust, and finally "close" the period so no further movements are accepted. In a serious ERP, "closing" is not a soft flag flip — it is a state machine with controlled transitions (Open → SoftClose → HardClose), rules for who may reopen, and an immutable audit trail. In cifraHQ Enterprise the close lives as an explicit state machine: once a period is in HardClose, no transaction can change balances without a formal reopening entry with dual authorization.
How does cifraHQ model Period close?
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