Closing an accounting period is possible only when all the transactions of the accounting period are either closed or canceled.
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So the first step is to make sure of it. You might be interested on learning How to perform worflow action on many documents in one single action.
Once every transactions are either canceled or closed, you can then close the accounting period. The procedure goes as follows:
If all transactions are not either canceled or closed, you will get an error message, otherwise you can continue
Your accounting period is closed and a transaction is automatically created to set up initial value of the new accounting period.