Purpose of Transaction Posting Periods

To help ensure that billable entries are recorded in time for invoicing, the number of open transaction posting periods can be limited. As a result, users have access to only a predefined number of open posting period i.e. weeks for transaction entry.

When a user wants to record transactions for a new week, they must first close their oldest open posting period. This helps ensure that all entries for that week have been completed before moving on to a new one.

Activation

A power user activates the functionality in the settings, either in the System level or Business unit level parameters (> Transactions > Transaction Posting Period), by defining the following parameters:

• In use activates the transaction posting period feature.
• Maximum open posting periods (weeks) defines how many posting periods (weeks) users can keep open simultaneously.
• Allow opening in the future defines if a user is allowed to open posting periods for future weeks. By default, it is prohibited. 

Use of transaction posting periods

Once the feature has been activated, normal and restricted users can only post transactions for their open periods. Transaction posting periods do not affect power users who can post transactions for any period and do not even see the transaction posting periods option.

Normal and restricted users can manage their posting periods by opening new weeks from the Transaction Posting Periods button displayed in the bottom bar of the software. The posting periods that are open to the user are displayed in green.

Users can also view but not edit their open transaction posting periods in their own user information window, Transaction Posting Periods folder. 

When the maximum number of posting periods allowed already are open and a user wishes to open a new week, they must close the oldest open week before opening a new one.  The software will provide a warning when a new period is opened.

With the opening of a new period, the oldest open period is locked, so all its entries must be made before opening the new period.

If a user has forgotten to enter a transaction for the posting period that has already been closed, a power user can make the entry on their behalf.

Locking transaction posting periods by power users

In some situations, power users may need to lock transaction posting periods centrally:

• To make e.g. closing of fiscal years easier, power users can lock old transaction posting periods from all users centrally. The "Lock old posting periods" function is available in the Financial Management area, Transaction Posting Periods folder. This function allows a power user to select a week, after which all earlier posting periods are automatically locked for all users.
• When a month ends in the middle of a week and the fiscal period needs to be closed before invoicing begins, power users can also lock transaction posting periods on a monthly basis. This functionality complements the normal weekly, user-specific posting period management.
• The function is available in Settings > Financial > Fiscal Years. When transaction posting periods are enabled, the fiscal year view displays a Posting Period Closed column. By selecting the Posting Period Closed checkbox, a power user can close an individual fiscal period (month)
  
  
• Note: When a fiscal period is closed using this function, the user's week may still appear open. However, transactions can no longer be entered for the portion of that week that falls within the closed fiscal period.