This articles provides an overview of locking accounting periods and how to set it up.
Introduction
The locking accounting periods feature allows you to centralize and control how costs are allocated in your Planyard projects by restricting invoice allocations to specific months or periods.
This functionality is especially useful for companies that adhere to strict accounting practices, such as closing accounting months or periods. Without this feature, late invoices or delays in processing could cause discrepancies between Planyard’s records and your accounting system. For instance, an invoice received after November might inadvertently be allocated to November in Planyard, even though the accounting system has already closed that month.
By locking an accounting period in Planyard, you ensure that no new invoices can be allocated to the locked month or period. Additionally, the locked periods are also taken into account when actuals are presented in the cash flow forecast table, ensuring that forecasts remain consistent and accurate based on the locked data.
Locking Accounting Period
Follow these steps to lock the accounting period on your company account:
- Click 'Company' in the top menu row.
- Click ‘Settings’.
- Click ‘Company-wide features’.
- Scroll down to the section labelled 'Lock accounting period'.
- Select the period (month) you want to lock.
Once a month is locked, no invoices can be allocated to that month or any earlier periods. This ensures that all future costs will be allocated to open periods only, maintaining alignment with your accounting records.