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Closing Entries

Closing Entries

Owned by Ed Cable
Last updated: Jun 22, 2019 by Massabe Lydiane

In Mifos X, you can close accounting to journal entries. Closures can be applied to all branches or to each branch separately.

It is important for organizations to close accounting periodically to prevent transactions that affect the accounting books.

If you make a transaction before the closing date, you will receive an error. If you need to backdate a transaction to a date before the closure date, you must first delete the closure.

On this page:

Create an accounting closure

To close journal entries for an office, do the following:

  1. On the Mifos toolbar, click Accounting to open the Accounting menu.
     
  2. On the Accounting menu, click Closing Entries to open the Closed Accounting Details dialog.
     
  3. In the Closed Accounting Details dialog, click Create Closure to open the Create Closure dialog.
     
  4. In the Create Closure dialog, enter the closure details:
    1. In the Office list, select the office you want to close to accounting.
    2. In the Closing date box, click in the box and then choose the date from the pop-up calendar. Use the left and right arrow keys beside the month and year to change the month.
      NOTE: The closing date defaults to the current date.

    3. In the Comments box, enter an optional comment.
  5. Click the Submit button to complete the closure and view the closure details.
     

Delete an accounting closure

If you backdate a transaction to a date before the closure date, you will receive the following error:

Key Error Messages

 

You must first delete the closure before you can backdate the transaction.

To delete an accounting closure, do the following:

  1. On the Mifos toolbar, click Accounting to open the Accounting menu.
     
  2. On the Accounting menu, click Closing Entries to open the Closed Accounting Details dialog.
     
  3. In the Closed Accounting Details dialog, click the accounting closure you want to delete.

  4. Click Delete.
  5. In the popup dialog, click Confirm to delete the account closure.
    You can now complete the postdated transaction.