An accounting period is a monthly time frame that controls which months you can post transactions to and run reports against. Each period has a status that determines what actions are allowed. Updating the status is how you open a new month for work or close a completed month to prevent further changes.
Changing the status of an accounting period
Go to Accounting > Settings > Accounting Periods.
Select the year from the Year dropdown at the top of the page.
Select the checkbox for the accounting period (month) and the property (EHID) you want to update. You can select multiple properties or months at once.
In the Change Status To dropdown, pick the new status.
Click the Change button.
Understanding period statuses
Each accounting period can be set to one of four statuses:
Not Used - The default for all periods. A "Not Used" period cannot be selected when running reports or creating transactions. Set a period to Active before you begin working in that month.
Active - You can enter all transaction types (invoices, journal entries, payments, etc.) in this period.
AP Closed - Blocks new invoice entry for this period, but all other transactions (journal entries, adjustments, etc.) are still allowed. Use this when you have finished entering invoices but still need to post other items.
Closed - No new transactions of any type can be posted to this period. Use this after you have finished all work for the month.
Important: Changing a period's status affects which transactions users across your organization can post. Closing a period prevents anyone from entering transactions into that month. If you need to post a correction after closing, you will need to re-open the period by setting it back to Active.
What can block closing a period
If there are invoices sitting in Invoice Approval for a period, you will not be able to close that period or set it to AP Closed. Go to the Invoice Approval page and change those invoices to a different active accounting period first.
If a bank account has not been reconciled for the period you are trying to close, Inn-Flow will show a warning message. You can still proceed by clicking Save, but it is recommended to reconcile first so your books are accurate.