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Closing Financial Periods

  • 27 October 2022
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K
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What are best practices for closing financial periods? I went to “processes » close financial periods”  but  we were able to still post in 2021.  Having an issue with too many transaction still slipping through the cracks in periods that need to be closed and just wondering what a best practice is to cut this off? 

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Best answer by Kandy Beatty 27 October 2022, 17:28

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BenjaminCrisman
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Hi @katiedavison! Typically I would see the periods locked to avoid any posting. If a user has the role assigned of Financial Supervisor then they are able to post into closed periods.

Do you know if the users who are doing this have the role assigned?

Otherwise, on the Manage Financial Periods screen I would choose to lock the periods after closing them

Kandy Beatty
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HI @katiedavison 

A few things

  1. On the General Ledger Preferences, do you have Restrict Access to Closed Periods enabled?
  1. Who has Financial Supervisor User Role?

 

Here is also a document that I share with my clients for closing periods:

 

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K
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@kbeatty21  @BenjaminCrisman  WOW this is very helpful!!! thank you!! myself and my CFO have financial supervisor roles.  and yes, my preferences are set up accordingly! 

 

let me ask you one more thing: none of us are knowingly posting to old periods but our CPA is saying that the revenue and retention amounts are changing even into last year.  im thinking that has something to do when i release retention.  does any of that ring a bill to you? 

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@kbeatty21 @BenjaminCrisman  also - if i “lock” a financial period - can it be unlocked at any point in time or is it PERMANENT?

Kandy Beatty
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@kbeatty21  @BenjaminCrisman  WOW this is very helpful!!! thank you!! myself and my CFO have financial supervisor roles.  and yes, my preferences are set up accordingly! 

 

let me ask you one more thing: none of us are knowingly posting to old periods but our CPA is saying that the revenue and retention amounts are changing even into last year.  im thinking that has something to do when i release retention.  does any of that ring a bill to you? 

With you having the Financial Supervisor role, that will affect it. Since you have that role, you can post to closed periods. 

Kandy ~ If a member helped you, please *Like* their post, and if a member provided an answer to your question, please mark it as *Best Answer*.
BenjaminCrisman
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@katiedavison It is not permanent and periods can be unlocked if needed

Kandy Beatty
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Userlevel 7
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@kbeatty21 @BenjaminCrisman  also - if i “lock” a financial period - can it be unlocked at any point in time or is it PERMANENT?

HI @katiedavison 

You can unlock periods, it is not permanent. 

Please check out this help:

https://help-2022r2.acumatica.com/(W(3))/Help?ScreenId=ShowWiki&pageid=f1b04bec-0f6a-4e0a-b010-ae9fc3cbc4f9

Kandy ~ If a member helped you, please *Like* their post, and if a member provided an answer to your question, please mark it as *Best Answer*.

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