📆 Accounting Period Overview

An Accounting Period defines a specific time frame within which financial transactions are recorded.

In SuperNova, certain transactions like Sales Invoices, Purchase Invoices, Stock Entries, Payroll Entries, and Journal Entries can only be created within the defined Accounting Period. Transactions outside this period are restricted to ensure financial accuracy and compliance.

🔹 Why is an Accounting Period Important?

✔ Prevents unauthorized financial changes after books are closed.
✔ Ensures accurate financial reports for audits and compliance.
✔ Maintains data integrity by restricting edits to past transactions.

For example, once the financial year is closed, you don't want new invoices or journal entries affecting the final reports. The Accounting Period ensures this control.

🛠️ How to Create an Accounting Period?

📍 Go to:
Home > Accounting > Accounting Masters > Accounting Period

1️⃣ Enter a name for the Accounting Period.
2️⃣ Set the Start and End Dates (defines the allowed transaction period).
3️⃣ Choose which transactions to restrict after the period ends.
4️⃣ Check the "Closed" option to lock transactions after the period.
5️⃣ Save and Submit to activate the Accounting Period.

🔹 If a transaction type is not marked as "Closed," it will still be allowed after the Accounting Period ends.

🔒 What Happens When an Accounting Period Ends?

🚫 If you try to save a restricted transaction after the Accounting Period ends, SuperNova will prevent it with a validation error.

✅ This ensures that previously finalized reports remain unchanged, preventing accidental modifications.

🚀 Key Takeaways

✔ The Accounting Period controls when financial transactions can be recorded.
✔ Helps secure financial records after book closure.
✔ Restricted transactions cannot be added or edited after the period ends.
✔ Ensures financial accuracy, compliance, and audit readiness.

By defining an Accounting Period, you can protect your financial data and maintain audit-ready records!