Finance - Monthly Closing

To prevent transactions from being posted to a closed or audited month, use the Open Period Date field in the fiscal year setup (Finance > Maintenance > Fiscal Years > Details).

Once a month is closed, update the Open Period Date to the first day of the next open month. For example, if August is closed, set the date to 9/1. Transactions can still be entered for the closed month but cannot be posted unless the month is reopened.

The same logic applies to future months and years. Transactions can be entered for future periods, but posting is restricted to months within the active fiscal year's open period.

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