Please follow the below steps to update the Accounting Period:
- Navigate to Accounting / Settings / Accounting Periods
- Select the Year from the drop down
- Select the checkbox for the Accounting period and HID that you would like to update
- Then, from the "Change Status To" dropdown, select the Status to be updated.
- Click on the Change button.
Each Accounting Period (month) has a status, which can be set as Not Used, Active, AP Closed, or Closed. The status can be changed for all EHID’s or certain EHID’s.
Not Used: By default, all account periods are set to "Not Used". Accounting periods that have a status of “Not Used” cannot be used when running reports or when creating transactions.
Active: If an accounting period is "Active" then you will be able to enter transactions using this account period.
AP Closed: Accounting periods that have a status of “AP Closed” cannot be used for Invoice Entry, but the period is active for all other transactions.
Closed: When all transactions have been entered and reviewed for an "Active" accounting period, the status should be changed to "Closed". This will prevent further transactions from being entered into this period. Inn-Flow will only allow an active accounting period to be closed if a number of conditions have been met. See the next section for a description of these conditions.
IF PRO TIP: If there are invoices sitting in Invoice Approval, you will not be able to Close or make an Accounting Period to AP Closed. Please navigate to the Invoice Approval page and update the Accounting Period of those invoices to another Active period in order to Close the period.
IF PTO TIP: If a bank account has not been reconciled for a period, and you try to Close the period, you will get a warning message stating this. You can still Close the period by selecting the Save button.
