The Closed Period feature allows accounting teams to lock completed financial periods, preventing transactions from being backdated and helping maintain accurate financial records.
Why Use Closed Periods?
Closing accounting periods helps:
Ensure financial reports remain accurate after a period has been finalized
Prevent accidental backdating of transactions
Maintain clean and consistent accounting records
Provide visibility into who last updated the closed period and when
Setting a Closed Period
To close an accounting period:
Navigate to Accounting > Financial Settings.
Open the Company Information tab.
Locate the Closed Period section.
Click Update.
Select the date you want to close the books through.
Confirm your changes.
Note: Only users with Books Admin permissions can update the Closed Period setting.
How Closed Periods Work
Once a closed period has been set:
Users cannot create or edit transactions dated before the closed period date.
Dates prior to the closed period are unavailable in date pickers throughout the system.
Transactions that have not yet been posted will automatically be moved to the next available posting date after the closed period.
The system enforces closed periods across:
Journal Entries
Charges
Payments
Bills
Invoices
Audit Tracking
For accountability and transparency, the system records:
The user who last updated the closed period
The date and time the change was made
Frequently Asked Questions
Can I still enter transactions for a closed period?
No. Transactions dated before the closed period are not permitted.
What happens to transactions that were created but not posted yet?
Unposted transactions will automatically be assigned the next available date after the closed period.
Who can update the closed period date?
Only users with Books Admin permissions can modify the Closed Period setting.
Is there an audit trail?
Yes. The system tracks both who updated the closed period and when the update occurred.