This video tutorial will show you how to manage accounting periods, including: 

  • Adding new accounting periods
  • Amending the start and/or end dates of a period
  • Setting the current period
  • Ensuring there are no gaps in your accounting periods
  • Deleting an accounting period


All sub funds on an entity share the same period dates, however the status of the period can differ on each sub fund: 
Open - any transactions can be posted to the period.
Closed - any attempt to post a transaction to this period will give a warning message to the user, and will ask for confirmation to proceed. This status is used when running a draft period close, allowing corrections to be posted.
Final - no further transactions can be posted in the period.


Tutorial Transcript 


Each entity requires at least one Accounting Period to be created, to do this, within your Entity, select 'Finances'. From within the 'Sub Fund Settings' drop down menu; select 'Manage Accounting Periods'. Click the 'Add Accounting Period' button to create a new Period, a new line for the additional Period has been added in sequence. 


(00:39) You can edit the 'Start' and 'End' date of a Period by clicking on the date field and selecting a new date from the calendar. Note, if you amend a Period Start or End date, and it does not match the Period before or after WealthWorks+ will alert you to the difference, removing any differences in dates will remove the message. Add as many Periods as you require and ensure one Period is marked as the Current Period, if no Accounting Period is selected on screen, you will see the following message. Once all your changes have been made, click on 'Apply' to save the changes, and then you can click 'Close' to return to the Finances tab.


(01:44) To delete a Period, within the 'Sub Fund Settings' drop down menu; Select 'Manage Accounting Periods', you can only delete it if the status is 'Open,’ and it is not set to 'Read-Only’. Click on 'Actions' and followed by 'Delete'. You will need to confirm that you are happy to 'Delete' the Accounting Period, once that line is removed from the page, ensure you click 'Apply' for the change to be saved, then 'Close' the page again.


This tutorial is confirmed to be applicable from WealthWorks+ release 4.15.