Close a Period
Closing a period locks it against new and backdated transactions.
It is the only thing that stops a filed return quietly drifting away from the numbers you declared, and it costs nothing to do.
What closing does
| Action | In a locked period |
|---|---|
| Saving a new invoice or bill dated in it | Refused |
| Editing a transaction dated in it | Refused |
| Posting a journal dated in it | Refused |
| Running a report for it | Allowed. Reports never change data |
| Recording a payment dated after it | Allowed, even against an invoice inside it |
Unlocking
A locked period can be unlocked, and doing so is a decision rather than a convenience. Everything reported from that period, including a filed return, was based on numbers that can now change.
Unlocking is recorded. The product keeps who unlocked the period, when, and the reason they gave, so this is a step with your name on it rather than a quiet toggle.
Be sure the change is necessary
Most late items are better dated into the current open period, if your authority allows it.
Unlock, make the change, lock again
Give a real reason when you unlock; it is kept. Do not leave a period open while you think about it.
Re-run the return
Compare it with what you filed. The difference is what you may need to declare.
Note what changed and why
On the transaction, and somewhere your accountant will find it.