Closed Months

The Closed Months function enables you to close an accounting period after running financial statements, which prevents posting to the general ledger. You can reopen a month when necessary.

If a period is closed, you cannot record checks, receipts, adjustments, or journal entries in that period. You can record invoices because invoices do not post immediately when you enter them, but a warning will appear. Post Invoices (accrual accounting) and Settlement (cash basis accounting) will not post invoices dated in a closed period.

You should close the period after you have printed final general ledger financial statements. You might also consider closing future periods to prevent accidental posting to them.

Accounting periods are created when you start GlobalWare for the first time and when you perform year-end close.

To close one or more accounting periods:

  1. On the System submenu, click Closed Months.

    The Closed Months screen appears.

  2. Select one or more check boxes that correspond to the months (accounting periods) you want to close.
  3. Click SAVE.