Month End > Manage Accounting Periods

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

Open

SET THE FINANCIAL YEAR

• Go to the finance & administration module

• Select month-end > accounting periods

Open

• 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.