Close the books for a month
Once you have reported a month, it should not change under you. Closing the books makes that a rule. Each company closes its own.
Close a company’s books
Section titled “Close a company’s books”- Open Finance & team → Profit & loss.
- In the Close the books card, find the company. Its row says Open, no period is closed or Books closed through ….
- Choose the date under Books closed through and click Close books.
A closed period is never edited:
- A document cannot be canceled into it. Issue a credit note instead. See Correct an invoice with a credit note.
- A payment, transfer, expense, opening stock or wage dated in it is refused, and so is voiding or restoring one.
- A sales report row from a retail partner posts on the first open day.
- A later correction, such as a credit note or something a partner reports afterwards, lands in the first open period. The profit and loss shows it on its own line, Incl. corrections to closed periods, and says which months it corrects. The closed months stay as they were.
The months you closed are marked Books closed for this month in the month-by-month view.
A later date closes more. Moving the date earlier, or choosing Reopen everything, needs a reason, and the reason is recorded. Reopening may need approval, depending on your approval policies.
A closed month also stays put on the cost side: every release from stock records the cost the units left at, so a purchase received today cannot change the gross profit of a period you already read.
Declare how a company keeps its books
Section titled “Declare how a company keeps its books”In the same place, the How the books are kept card shows each company’s accounting method and the first month of its fiscal year.
- Choose Cash, when money moves or Accrual, when earned, and the first month of the fiscal year.
- Click Declare.
A company that has not declared falls back to the default of its country of registration. If its country has no default in Keelvy, the card asks you to declare one. The profit and loss for that company opens on its method, and its year to date starts with its fiscal year.
Changing a declared method needs a reason, kept in the audit trail. A change of method is a tax matter. In the US it needs the IRS’s consent (Form 3115), so talk to your accountant before you change it.
Set the day your data became real
Section titled “Set the day your data became real”While you set Keelvy up, you type in test orders and opening figures. The go-live date marks when the data stopped being setup and became history.
- Confirm go-live from the checklist on the dashboard once every step is done.
- To move it later, open Settings → General and scroll to Go-live. You can set an override for a single company.
The profit and loss starts at the go-live date and says so. Records before it stay on file and are not counted. A go-live date can be moved later, never earlier, and never past a closed period: reopen the books first.
Choose how inventory is costed
Section titled “Choose how inventory is costed”Also in Settings → General, Inventory cost method is Weighted average or First in, first out (FIFO). It applies from today forward, never backwards, so nothing already invoiced or reported moves. It does not change prices.