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How to open or close a financial period

Create new periods in Access Legal Fusion? Open or close periods? Time Recording not updating at the start of the new financial year/period?

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Written by Valeriu Holtea
Updated over 6 months ago

If you need to know how to open a financial period, follow the below instructions:

  1. Open Access Legal Fusion Accounts Desktop.

  2. Click on the Control tab, then click on Periods Control.

  3. Alternatively you can access this through the Administrators Desktop - Periods Maintenance.

  4. If you need to add a new Financial Year, click New, confirm the dates and click Ok.

  5. To open these new periods, click the Open/Close button.

  6. Use the tick boxes to specify if you want to open or close the illustrated period.

  7. Once opened, you will now be able to post into the given period.

📌Note: You can't have more than two Financial Years open at a time. To be able to open a new Financial Year, you will need to close down year one e.g. to open 2022, all periods must be closed in 2020. Closing periods are described above.

⚠️Warning: Closing period 12 of a Financial Year will run the year-end process for that year automatically. You will need to know if it is suitable to process a year end. ​

If you have any questions, please raise a new case online and reference the title of this article.

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