Fiscal years & periods
A fiscal year corresponds to one year (for example fiscal year 2026), split into 12 monthly periods. This screen lets you track the status of each fiscal year and each month, lock months that have already been filed, and carry out the closing with automatic generation of the opening balances.
Overview
In accounting, activity is organized over time. A fiscal year represents a full year — for example fiscal year 2026 — and provides the framework for all your entries for the year. Each fiscal year is itself divided into 12 monthly periods (January to December), matching the natural rhythm of your tax filings.
The fiscal year
- Covers a full year
- Groups all of the year's entries
- Is closed to finalize the accounts
The period
- One month of the fiscal year (12 in total)
- Framework for recording the month's entries
- Closes, then is locked once filed
Created automatically
The current fiscal year and its 12 periods are generated when the Accounting module is set up. You have nothing to create manually to start working.
Fiscal year statuses
A fiscal year goes through three statuses over its life. Its status determines whether entries can still be posted to it.
| Status | What it means |
|---|---|
| Open | The fiscal year is in progress: entries can be recorded freely (within periods that are also still open). This is the year's normal working status. |
| Closed | The fiscal year has been finalized: its accounts are frozen, the result is calculated and the balances are carried forward. No further entries can be posted to it. |
| Reopened | A previously closed fiscal year has been reopened for correction: the closing is reversed and you can work in it again before closing it once more. |
When the module starts up, the fiscal year for the current year is created with Open status: you can start entering data right away.
Period statuses
Each of the 12 periods of a fiscal year also has its own status. It is this status, month by month, that allows or blocks the posting of entries.
| Status | What it means |
|---|---|
| Open | The month accepts entries: this is the standard entry status. Both automatic posting and manual entry are possible. |
| Closed | The month is closed to entry, generally once it is over. No new entries can be posted to it. |
| Locked | The month is frozen more strictly, typically after filing: it can no longer be modified or easily reopened. |
No entry can be posted in a closed or locked period. Any attempt to record or post to a closed month is refused.
Locking
Locking is used to freeze months that have already been filed. Once a month has been filed (VAT, withholding taxes, etc.), locking it guarantees that its entries can no longer change — which protects consistency between your accounting and your filings.
Purpose
Sealing filed months to prevent any after-the-fact modification.
Effect
A locked period can no longer be modified: no entry, no direct correction.
Lock a month only once it is final (filed and checked). A locked month cannot be reopened with a simple click — fix any errors beforehand.
Fiscal year-end closing
The closing finalizes the year's accounts. Swifto calculates the fiscal year's result, then prepares the starting point for the following year. Two steps run automatically, one after the other:
flowchart LR A([Fiscal year to close]):::s --> B[Transfers class 6 expenses
and class 7 income]:::p B --> C[Result account 131
at fiscal year-end]:::p C --> D[Carries forward balance-sheet
balances, classes 1 to 5]:::ok D --> E([Opening balances
next fiscal year]):::ok classDef p fill:#f3f1ff,stroke:#7366fe,color:#1f1c3d; classDef s fill:#F1F5F9,stroke:#334155,color:#1E293B; classDef ok fill:#CFFAFE,stroke:#0891B2,color:#155E75;
1 · The result
The balances of expense (class 6) and income (class 7) accounts are transferred to the Result account (131), at fiscal year-end.
2 · The opening balances
The balance-sheet (classes 1 to 5) balances are carried forward to the opening of the following fiscal year as starting points.
Everything is handled by Swifto: you launch the closing, and the result and opening balances are generated automatically. The closing remains reversible (see reopening).
Opening balances
The opening balances are the starting point for the following fiscal year. Whatever remained on your balance sheet at the end of the year (treasury balances, stock, third-party accounts, equity…) is carried forward to the opening of the new year so that nothing is lost from one fiscal year to the next.
A fresh start
The following fiscal year starts with the year-end balances, with nothing to re-enter.
Detail by third party
For customer and supplier accounts, the carry-forward is detailed third party by third party — each one keeps its own balance.
Opening balances are generated automatically during the closing. When the module is first set up, this same role is played by the opening trial balance that you enter by hand.
Reopening a fiscal year
A closing is not final. If you need to correct an entry in a fiscal year that has already been closed, you can reopen it: the closing is then reversed and the fiscal year switches back to Reopened status, where you can work in it again.
Need for a correction
An error is found in a fiscal year that has already been finalized.
Reversal of the closing
Swifto reverses the closing with reversing entries (reversal postings), without erasing the history.
Fiscal year "Reopened"
The fiscal year switches back to Reopened: you make your corrections, then close it again to freeze the accounts once more.
Reopening preserves the audit trail: nothing is deleted, everything is tracked. Remember to close again once your corrections are done.
Business rules
You can only close if the next fiscal year is ready — the opening balances need a receiving fiscal year to carry the balance-sheet balances forward into.
Closing is reversible — a closed fiscal year can be reopened for correction, with no loss of history.
A locked period blocks all entry — no entry can be posted or modified for a locked or closed month.
Opening trial balance at setup — when the module is first started, carry your starting balances forward by hand; after that, opening balances are generated automatically at every closing.
FAQ & Tips
I cannot post an entry for a month: why?
The period is probably closed or locked. Check its status: only open periods accept entries.
I closed by mistake, what should I do?
Nothing is lost: reopen the fiscal year. The closing is reversed, you make your corrections, then close it again.
Do I need to create the fiscal year and periods myself?
No: the current fiscal year and its 12 periods are created automatically when the module is set up.
Tip — lock as you file
Lock each month once it has been filed and checked: you avoid any accidental changes and keep your accounting aligned with your filings.
