Accounting periods are used to control, by month, when certain financial transactions can be made in the system. Transaction Different transaction types can be allowed/blocked monthly according to your internal finance processes, for instance, blocking transactions for timesheets and personal expenses once month end has concluded.
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CHECK COMPANY SETTINGS
If you have access to multiple companies within your system, ensure you have selected the relevant entity from the dropdown list before making any updates to finance & administration settings
If you only have access to one company this field will default accordingly
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SET THE FINANCIAL YEAR
Go to the finance & administration module
Select month-end > accounting periods
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ICON | FUNCTIONALITY |
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 | Create new accounting year |
 | Delete accounting year |
 | Move first month from selected year to previous year |
 | Move last month from selected year to next year |
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LOCK OR OPEN ACCOUNTING PERIOD
To fully lock or open a period then click in the period number column for the month you wish to open/lock
Then click select/deselect entire row button …or…
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Alternatively, select and deselect individual transaction types.
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