Period Closing Voucher (PCV)
Go to: Financials → Period Closing Voucher
A Period Closing Voucher closes a Fiscal Year after Finance has reviewed all transactions, balances, and outstanding work. If a closed year must be reopened, ERPX uses a controlled reversal request and approval process.
Closing is a high-impact action. After a Fiscal Year is closed, ERPX blocks ledger-affecting activity for that year. Resolve blockers and obtain the organization’s required approval before proceeding.
Close a fiscal year
Select the year and closing account
Click New. Select Closing Account and Fiscal Year. ERPX displays Posting Date, Period Start Date, and Period End Date.
Add remarks
Record the purpose, approval reference, or closing notes.
Generate the preview
Review detailed income and expense balances, closing ledger entries, total debits and credits, and Net Profit/Loss.
Resolve blockers
Open each listed document and complete, cancel, or correct it. Generate a fresh preview afterward.
Review warnings
Investigate warnings such as open receivables/payables or other closing conditions. Acknowledge only warnings accepted by Finance policy.
Close
Confirm that the preview is current and balanced, then complete the voucher.
Fields and preview
| Item | Meaning |
|---|---|
| Closing Account | Equity/retained-earnings destination for profit or loss |
| Fiscal Year | Year being closed |
| Period Start / End | Fiscal-year range |
| Remarks | Closing explanation |
| Detailed Entries | Income and expense balances included |
| Closing Ledger Entries | Entries ERPX will post |
| Net Profit/Loss | Result transferred to the closing account |
Typical blockers
The preview can identify incomplete ledger-affecting work, including Draft financial transactions and unfinished Sales Invoices, Purchase Invoices, GRNs, Delivery Notes, or Payment Entries within the year.
The closing preview is protected against stale data. If ledgers change after preview, generate it again before closing.
Before closing checklist
- Reconcile all bank accounts.
- Review Trial Balance and investigate imbalance or unexpected balances.
- Reconcile receivables, payables, advances, employee balances, stock valuation, tax reports, and payroll.
- Complete or cancel Draft and pending source documents.
- Verify the Closing Account.
- Export the required statements and audit support.
See Reports for the closing pack.
PCV statuses
| Status | Meaning | What happens next |
|---|---|---|
| Completed | The fiscal year is closed | No more activity can be posted to the closed year unless an authorized reversal is approved |
| Reversal Requested | A reopening request is waiting for review | An admin approves or disapproves the request |
| Reversal Approved | The request was approved and the closing was reversed | The fiscal year is reopened for permitted ledger activity |
| Reversal Disapproved | The request was rejected | The fiscal year remains closed; review the recorded reason before deciding what to do next |
Reopen a closed fiscal year
Use a PCV reversal only when a genuine correction must be posted to a year that has already been closed. Confirm the reason and obtain the required internal approval before starting.
PCV reversal actions are being added to ERPX. If the actions described below are not yet visible in your environment, keep the year closed and contact your Finance administrator.
Request a reversal
Open the completed PCV
From the Period Closing Voucher list, open the completed voucher for the fiscal year that must be reopened.
Preview the reversal
Click Preview Reversal. Confirm the fiscal year and review the entries shown in the preview. Make sure the reversal belongs to the correct PCV.
Submit the request
Click Request Reversal and confirm the request. The PCV changes to Reversal Requested and waits for an admin decision.
A request does not reopen the fiscal year. Do not attempt corrections until the PCV shows Reversal Approved.
Review a reversal request
Admins can open a PCV with the Reversal Requested status and review its reversal preview.
- Click Approve to approve the reversal and reopen the fiscal year.
- Click Disapprove, enter the reason, and confirm to keep the year closed. The reason is recorded and displayed on the PCV.
- Click Delete Request to remove a pending request before a decision is recorded. The completed PCV remains in effect.
Actions by status
| Current status | Available action | Result |
|---|---|---|
| Completed | Preview Reversal | Shows the affected fiscal year and the entries to be reversed |
| Completed | Request Reversal | Sends the completed PCV for admin review |
| Reversal Requested | Approve | Reverses the closing and reopens the fiscal year |
| Reversal Requested | Disapprove | Keeps the fiscal year closed and records the reason |
| Reversal Requested | Delete Request | Removes the pending request without reopening the year |
| Reversal Approved | — | The year is open for authorized corrections |
| Reversal Disapproved | Review reason | Explains why the request was rejected |
Who can do what
| User | Access |
|---|---|
| Authorized Finance user | Open a completed PCV, preview its reversal, and request reopening |
| Admin | Review, approve, or disapprove a request; delete a pending request |
After approval
- Confirm that the PCV shows Reversal Approved.
- Make only the approved corrections in the reopened fiscal year.
- Reconcile the affected accounts and rerun the relevant Financial Reports, Ledgers, and Tax Reports.
- Complete the period-closing checklist again.
- Create and complete the required PCV to close the fiscal year again.
Reopening a year can change previously issued financial statements and reconciliations. Finance should retain the reversal reason, approval, corrected reports, and the replacement closing record as part of the audit trail.