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 the "Settings" option at the bottom of the menu on the right side, then select "Lock Periods" from the available options.

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.