Closing the Transaction Posting Period

In general, at the end of each month, the accounting team will validate all transactions that have been carried out, and if necessary, they will make the necessary adjustments. After all these processes are complete, we can close the period so that no more transactions can be carried out in that period.

To change the period status to "close," you can perform the following steps via the "Posting Periods" sub-menu located within the "Administration ? System Initializations" menu.

In this case, there are 5 statuses that we can set for a period:

1. Unlocked – All users, according to their respective access rights, can post all types of transactions and documents during that period. This status is automatically assigned (default) when a new posting period is created.

2. Unlocked Except Sales - All users, according to their respective access rights, can post all types of transactions and documents in that period, except Sales-A/R documents. Purchase documents such as A/P Invoices and others can still be posted in the period with this status.

3. Period Closing (In the process of closing the period) – Users with full access rights to "Period-End Closing" can still post all types of documents and transactions in the relevant period. This status is usually used if:

·        That period has finished.

·        Pending transactions have been posted.

·        Only year-end closing remains to be done.

4. Locked – No documents or transactions can be posted in this period. This status is assigned to a period after all adjustments have been posted and the year-end closing process has been completed for that period.

5. Archived – No documents or transactions can be posted in this period. This status is automatically assigned by the data archive wizard. By using the data archive wizard, you can archive all previously locked periods up to 2 years in advance.

For example, let's assume we set the period 2023-12 to "Closing Period." When users try to make a transaction, they will receive a notification message that reads "User is not authorized for data entry in posting periods with status Closing Period." This notification message will appear in the lower left corner with a red background.

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