Financial year & closing

Close the month, and keep it closed.

Set when your financial year starts, close the books month by month so nothing new lands in a period you have reported, and lock filed periods for good. Profit carries into the new year by itself, with no closing entry to post.

See Accounting pricing Get started

Financial year starting in any month
Close through a month, reopen if you must
Permanent lock for filed periods
No year-end closing entry needed

What is Financial year & closing in Flowyana?

Flowyana financial year closing lets you set when your year starts, close the books through any month, and permanently lock periods you have filed. It is for owners and accountants in India, the UAE, Saudi Arabia and beyond who need reported figures to stay reported, whether for a VAT return, a GST filing, a bank or an audit.

The usual problem with month-end close is that it is only a habit. Someone backdates an invoice into last quarter, and the VAT return no longer matches the books. In Flowyana a closed month refuses new entries from every route, invoices, bills, payments, expenses and payroll as much as journal vouchers, and a lock makes that permanent.

Year-end is simpler than most expect. There is no closing entry to post: earlier years’ profit shows as retained earnings, this year’s as current year earnings, and income and expense ledgers start the new year at zero.

What it does

Financial year & closing, in practice.

Your financial year

Choose the month your year starts, January, April, July or any other, and every year is measured from it, so years never overlap.

Month by month view

The Financial Year page shows every month of the year as open, closed or locked, with a step to the previous or next year.

Close through a month

Close the books through a month and entries dated on or before its last day are refused. Every earlier month closes with it.

Reopen when needed

Reopen from a month and it, and every month after it, accepts entries again.

Lock permanently

Lock filed periods for good. A lock cannot be undone and can only move forward.

Every route guarded

Invoices, bills, payments, returns, credit and debit notes, expenses, payroll and manual vouchers all respect the close and lock dates, not only the accounting screens.

Opening balance date

Record every ledger’s opening balance as of one date, and move that date while the books are open.

No closing entry

Earlier years’ profit appears as retained earnings and this year’s as current year earnings, read straight from the books.

Income and expenses restart

Income and expense ledgers start each financial year at zero, so the P&L always reads the year you are in.

Year in your numbers

Document numbers can carry the financial year, such as INV/26-27/0001, and restart at 1 each year.

Only need this module?

Get Accounting in the plans for the product you run — two or three plans per product, users and branches included. Add one more user or branch any time.

See Accounting pricing →

How it works

Financial year & closing, step by step.

1
Set the year
Choose the month your financial year starts and the date your opening balances are recorded as of.
2
Review the month
Check the trial balance, bank reconciliation and tax summary for the month.
3
Close it
Close the books through that month. Earlier months close with it.
4
File and lock
Once the VAT or GST return or accounts are filed, lock the period permanently.
5
Carry on
The new year opens by itself, with profit carried into retained earnings.

In depth

A closer look.

Financial year settings

The financial year starts in the month you choose and every year is measured from it, so years never overlap. Changing the start remeasures every year, so it is allowed only while the books are open. The same page sets the date your opening balances are recorded as of; moving it re-dates every ledger’s opening balance, and reports for ranges starting earlier show the openings as entries on that day.

Year starts in any month
Years never overlap
Opening balance date
Start locked once books are closed

Financial year closing, month by month

The Financial Year page lists the months of the year as open, closed, part-closed or locked. Close through a month and every entry dated on or before its last day is refused, wherever it comes from. Reopen from a month and it, and every later month, accepts entries again. Closing is how you finish a month or a year without stopping work in the current one.

Close through any month
Earlier months close with it
Reopen from any month
Applies to every kind of entry

Permanent lock date

Locking is for periods you have filed. Lock through a month and entries dated on or before it can never be written again, by anyone. The lock cannot be undone and can only move forward. Use it after a VAT or GST return is submitted or the annual accounts are signed, so the figures behind them stay exactly as filed.

Cannot be undone
Moves forward only
For filed returns and audited years
Shown on the Financial Year page

Into the new year without a closing entry

Flowyana does not need a year-end journal to move profit into equity. The balance sheet shows profit from earlier years as retained earnings and this year’s as current year earnings, both read from the books. Income and expense ledgers start each year at zero, so they have no opening balance, and reports that start at the beginning of the financial year read the new year straight away.

Retained earnings read from the books
Current year earnings from the year start
Income and expenses restart at zero
Reports default to the financial year

Who it’s for

Businesses that run on Financial year & closing.

VAT-registered businesses in the Gulf

Lock each VAT period once the return is filed, so the return and the books always agree.

GST-registered businesses in India

An April to March year, with months closed after GSTR filing and the year locked after audit.

Accountants serving several clients

A month-end routine that ends with a close, so late entries come to you, not into the books.

Multi-branch businesses

One close date for the whole company, enforced on every branch.

Owners preparing for audit

A locked year that cannot drift between the draft accounts and the signed ones.

Questions

Asked about financial year & closing.

What is a financial year close?

A financial year close, or year-end close, is the point where a business stops entries in a finished period so its reported figures cannot change. Many businesses also close each month after reviewing it, and lock a period once tax returns or accounts are filed.

How do I set my financial year in Flowyana?

Open Accounting › Financial Year and choose the month the year starts in, for example April in India or January in most Gulf countries. Every year is then measured from that month.

What does closing the books through a month do?

It refuses any new entry dated on or before the end of that month, from every part of Flowyana: invoices, bills, payments, returns, notes, expenses and payroll as well as manual vouchers. Every earlier month closes with it, and you can reopen later.

What is the difference between closing and locking?

Closing can be undone: reopen from a month and entries are accepted again. Locking is permanent: entries on or before the lock date can never be written, and the lock can only move forward. Close each month as you finish it, and lock once a period is filed.

Do I need to post a year-end closing entry?

No. Flowyana reads earlier years’ profit as retained earnings and this year’s as current year earnings, so the balance sheet balances on any date and the new year’s P&L starts at zero without a closing entry.

Can I change the financial year start later?

Yes, while the books are open. Changing it remeasures every year from the new month, so figures reported against the old boundaries fall into different years. Once the books are closed, the start is locked until you reopen them.

How do I enter opening balances for a new business?

Set the opening balance date on the Financial Year page, then enter each ledger’s opening balance per branch. Reports for ranges that start before that date show the openings as entries on that day.

What happens if someone tries to post into a closed month?

The entry is refused with a message, whichever screen it came from. Date it in an open month, or have the books reopened by someone allowed to.

Can I close the books for VAT or GST filing?

Yes. Close or lock through the end of the return period once you have filed, so the figures behind your VAT or GST return cannot change afterwards.

Does closing affect reports?

No. Reports still read every period, closed or not. Closing only stops new entries in closed months.

Is period close available for businesses in the UAE, Saudi Arabia and India?

Yes. The financial year can start in any month, so it fits a January year in the Gulf, an April year in India, or any other calendar.

One platform

Plays well with the rest.

Accounting shares its records with every other module you switch on — no connectors, no re-typing.

Accounting Accounting Accounting Accounting Documents Accounting All features →

Put Financial year & closing to work.

Tell us what your business runs. We’ll show you this module live — on its own or alongside the rest — and recommend the plan that fits.

Get started See Accounting pricing

WhatsApp +91 97460 84243 Call +91 97460 84243 hello@flowyana.com