Closing a Period

Booking transactions dates is determined by the Closed Date on the Legal Entity. Setting this date will mean no transactions can be Approved or edited with a date less than or equal to the Closed Date for any locations in that Legal Entity. 

Users who are utilizing the Advanced Close feature can also close a period through the Advanced Close Maintenance Screen.

If you are not using the Advanced Close feature, there are two ways to close a Period:

1.  The Legal Entity Record

2. The Legal Entity Listing

   

For either option, open the 'Legal Entities' listing under 'Administration' in the Accounting module.

The Legal Entity Record

Double-click the desired Legal Entity in the listing to open its record.

Once opened, use the date picker in the 'Closed Date' field to select the correct date. Save the Legal Entity record and repeat this process for all Legal Entities that need a set Closed Date.

If your Organization utilizes Advanced Close, this field will be hidden. Rather, navigate to the Fiscal Year Maintenance Screen to update the closed date.

The Legal Entity Listing

Select one or more Legal Entities in the listing and click the 'Edit Selected' action menu above the grid. Click 'Closed Date' from that menu to view a pop-up modal where the Closed Date can be chosen for the selected Legal Entities. Once finished, click 'Save And Close'.

Reopen a Closed Period

The Closed Date represents the date that the Legal Entity will be closed through, so if you need to make changes to a certain transaction, the Closed Date should be updated to the date before the date listed on that transaction. 

To do so, follow the steps above for the Legal Entity record or the Legal Entity listing to update the date. After making any necessary transaction changes, repeat these steps to update the date back to the correct Closed Date.