How to Close a Period?

Closing or locking a period is an accounting procedure that takes place at the end of a specific period, such as a month or fiscal year, to prevent any further modifications to it.

Steps to Close a Period in Wafeq

1. Click on your company name, then select "Lock Periods" from the dropdown menu.

2. Enter the period data on a new line as follows:

   • Your company name.

   • The date of the period end.

   • Select the "Closed" status.

Once the period is closed, you will not be able to modify the accounts for that period.