Steps to Create and Manage the Financial Period on the Riwaa Platform

Closing the financial period is an accounting process conducted at the end of each financial period to assess financial performance and determine profits and losses. In this article, we explain everything related to managing the financial period on the Riwaa platform.

#Creating a New Financial Period

1. Go to Settings > Finance.

2. Click on the arrow in front of the financial period.

3. Enter the data:

   • Start date (⚠️ cannot be changed after saving).

   • Time period: Month, 3 months, 6 months, year. (End date is automatically displayed).

   • Notes (optional).

4. Click "Save."

#Managing Financial Periods

#Editing the Time Period:

1. Click on the icon (🖊).

2. Edit the time period (end date is automatically updated).

3. Edit the notes (if any).

4. Click "Save."

#Closing the Financial Period:

1. From the filter column, click on the three dots > Close.

2. Click "Set Up Next Period."

3. Add the following data:

   • Period date (⚠️ cannot be changed after saving).

   • Time period: Month, 3 months, 6 months, year.

   • Equity account to transfer profits or losses to.

4. To view details of expense or revenue accounts, click on the arrow next to the account.

5. Add notes (optional).

6. Click "Save."

ℹ️ Note: After closing the financial period:

• Some operations cannot be performed with a date within a closed period, such as adding or editing an expense or inventory count.

• The system automatically exports the closing entry for the closed period. You can review it from: Accounting > Journal Entries.

#Reopening a Closed Period

1. From the filter column, click on the three dots > Open.

2. Click "Open Previous Financial Period."

3. The period status changes to (Open), after which you can edit and then close it again.

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#Frequently Asked Questions

1- Can I close the financial period without installing the accounting app?

Yes, you can, but you will not be able to transfer profits or losses to the equity account.

2- How do I know the status of financial periods (open or closed)?

From the financial periods table. Click on the filter icon and select the status (Closed or Open).