Invoice deadlines and period locking
To keep your accounting records complete and up to date, purchase invoices must be uploaded within specific deadlines. Companio automatically manages these deadlines and locks accounting periods once they close.
This helps keep your accounting clean and prevents changes to periods that have already been processed.
When do I need to upload my purchase invoices?
You must upload all purchase invoices for a given month by the 5th of the following month.
For example:
- July invoices → upload by August 5th
- August invoices → upload by September 5th
- September invoices → upload by October 5th
What happens if I miss the upload deadline?
If purchase transactions remain unmatched after the deadline, you will receive a notification on the 6th of the following month.
The notification will show:
- The unmatched transactions
- The invoices that still need to be uploaded
- An estimate of the fringe benefit tax that may apply if the transactions remain unmatched
You then have a grace period until the 5th of the following month to upload the missing invoices and match the transactions.
If the invoices are still missing when the grace period ends, the system will automatically classify the remaining unmatched transactions as non-business expenses and lock the period.
What does "classified as non-business expenses" mean?
It means that the transaction is treated as a personal or non-deductible business expense for accounting and tax purposes.
These transactions may trigger fringe benefit tax and will be included in the relevant TSD report.
Once the system classifies a transaction as a non-business expense, the classification cannot be reversed and the accounting period is permanently locked.
Can I reverse a classification once a period is locked?
No.
Once a financial period has been locked, it cannot be reopened. This applies to both you and the Companio accounting team.
The only way to avoid the classification is to upload and match the required invoice before the grace period ends.
What if I uploaded an invoice but it is still showing as unmatched?
An uploaded invoice may still need to be matched to the corresponding bank transaction.
Check your Companio dashboard for unmatched transactions and manually match the invoice if automatic matching has not taken place.
If you are having trouble matching an invoice, contact our support team before the grace period closes.
What are the exact dates I need to remember?
For a transaction month MM:
Date | What happens |
|---|---|
5th of MM+1 | Deadline to upload purchase invoices from MM |
6th of MM+1 | Notification sent if transactions remain unmatched |
5th of MM+2 | End of the grace period |
6th of MM+2 | Remaining unmatched transactions are classified as non-business expenses and the period is locked |
December transactions
December has a special year-end deadline.
- January 9th: End of the grace period for December invoices
- January 10th: Remaining unmatched December transactions are classified as non-business expenses and the period is locked
No extensions are available after the year-end cutoff.
What happens to sales invoices uploaded late?
Sales invoices are checked when you upload them.
If the invoice date falls within a closed accounting period, the system will reject the invoice.
You can then choose to:
- Change the invoice date to the current month and upload it again, or
- Delete the rejected invoice and upload a new one with a valid date.
If you change the invoice date, your client must receive an updated copy of the invoice. Companio can send the updated invoice automatically if you choose this option.
My bank account was disconnected. What happens to my transactions?
When you reconnect your bank account, historical transactions are imported automatically.
For purchase transactions:
- Open periods: You can still upload invoices and match the transactions according to the normal grace-period rules.
- Closed periods: Transactions are automatically classified as non-business expenses and included in the next available TSD report. The period will not be reopened.
To avoid interruptions, make sure all your company bank accounts remain connected to Companio.
Does this apply to the Virtual Plan?
No.
The Virtual Plan does not include accounting services, so the invoice upload deadline and financial period locking rules do not apply.
Does this apply to the Freelancer Plan?
Yes.
The same invoice deadlines and period-locking rules apply to the Freelancer Plan.
On the Freelancer Plan, you manage your own accounting in Companio. The platform automatically generates the relevant statutory reports once the required matching and classification tasks are complete.
Keeping your invoices uploaded and transactions matched on time is therefore your responsibility.
What if I have an emergency and cannot upload an invoice on time?
The deadlines and period-locking rules are applied automatically and consistently.
If you expect to have a problem uploading or matching an invoice, contact our support team as early as possible, before the grace period closes.
Once a period is locked, it cannot be reopened.
Updated on: 26/09/2026
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