Accounting periods are used to control, by month, when certain financial transactions can be made in the system. 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.
Accounting periods can be managed in the finance & administration module or the settings module. They are usually managed by designated role(s) or person(s) within each agency or office.
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
SET THE FINANCIAL YEAR
Go to the finance & administration module
Select month-end > accounting periods
In the top half of the screen you can set/delete your agency’s financial year
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…
Alternatively, select and deselect individual transaction types.
When a period is locked, it means those transaction types cannot be performed in WorkBook
In the example above, the accounting period for 01/12/21 has been locked for time entry, material entry, sales invoices, subsistence allowance personal expense entries and purchase orders - this means that staff can no longer add time, materials, subsistence or expenses dated in that period or create invoices or purchase orders in that period
This is so finance can close and reconcile jobs with for that period without rogue entries appearing after the fact
Below is a guide of the transaction types and their functionality.
TRANSACTION TYPE | FUNCTIONALITY |
|---|---|
Finance Posting | When the box is checked finance postings are allowed during this period |
Project Posting | When the box is checked project postings are allowed during this period |
Time Entry | When the box is checked time entry is allowed during this period |
Material Entry | When the box is checked material entries are allowed during this period |
Creditor Invoice Entry | When the box is checked creditor invoices are allowed during this period |
Adjustment | When the box is checked WIP adjustments allowed during this period |
Sales Invoices | When the box is checked invoice creation is allowed during this period |
Subsistence Allowance | When the box is checked subsistence allowance is allowed during this period |
Personal Expense | When the box is checked personal expense entries are allowed during this period |
Purchase Orders | When the box is checked PO creation is allowed during this period |
Mileage | When the box is checked milage entries are allowed during this period |
Edit Checklist | When the box is checked checklists are allowed to be edited during this period |
Finance Posting of Accrual | When the box is checked, accrual vouchers will be allowed to post financially via the menu Project Posting. |