MoneyWorks allows the user to open up to 90 opened financial periods. Once the maximum number of periods has reached, the user has to close some of the older periods to open up a new period.
For those users who have started using MoneyWork in May or June 2014, you may have already reached a maximum number of open periods. You cannot open a new period unless you close some of the older periods. The New button in the Open/Close period window is grey off and not allowed to click.
It’s time to close some periods.
Assuming you have started using MoneyWorks from June 2014 and wish to close some older periods until December 2014. First, print those reports as of December 2014 if you have not done so. Then, do a backup before proceeding in closing periods.
- You should post any transaction in those periods you wish to close and reconcile the bank and finalise GST if you have not done so.
- For those bank account that you do not require to perform reconciliation (such as contra or transition bank account), you may consider unchecking the “Bank account must be reconciled” checkbox from the Bank setting tab of the account profile. These will ease the purging later if you wish to do so.
- Go to the Command menu and select Open/Close period.
- Then, highlight the last period which you wish to close until (that is December 2014 in this case), and
- Click the “CLOSE” button to close the periods until December 2014.
That’s it. You can now proceed to open a new period.
The transactions are still in the MoneyWorks database even though the periods have been closed. You can still print the data using “By date-range reports”, such as Sales or Profit & Loss Report by Date Range.
The current version of the MoneyWorks accounting software is 9.0.5. Download a trial to test drive if you like to find out more or book a demo to see how to use MoneyWorks to manage your business finance.
Those users who are using MoneyWorks Now and require to access your MoneyWork company file while working from home can download the software from the Cognito website. Install it into your home computer (either macOS or Windows) and access it with the same MoneyWorks ID and password as you log in from the office. That’s the beauty of cloud-based computing; accessing your data anyplace, anytime.