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The ledger is divided into months. GET /v1/periods lists them.
A month is OPEN, CLOSING or CLOSED. Closing is done in the console by an approver who has confirmed their identity, after the close checklist passes. A key cannot close a period.

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What closing means for you

An entry whose business date falls in a closed month gets PERIOD_CLOSED. Post it dated in an open period instead. A partner’s credit cannot be refused, because the money has already arrived. A late inbound credit is booked on the first open day, with latePosting: true.

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Business dates

An entry belongs to a period by its businessDate, not by the UTC date. See Money and data formats.