In order to open a new term, you have to close any term that you had opened before in case there is any. In order to close a term follow the steps below:
a) Move the mouse over “Configure Academic Year” on the menu bar.
b) Move the mouse over the academic year from which you want to close a term.
c) Move the mouse over the term.
d) Click on “Edit Term”.

f) Click on “Close”.

Screenshot from 2014-01-30 16:29:06