Can anyone who has had experience of the tax lock date expand on how transactions that need to be made prior to the lock date are handled?
For example, our vat returns are completed every 30 days, but it could be 60 days before a statement arrives that highlights a missing invoice so we still need to be able to have that invoice posted into the correct month.
Most other finance packages allows the posting of the entry to an earlier date and and accounts for the VAT by treating each transaction as reconciled or unreconciled with each vat return so you can easily sweep up 2 or 3 months of earlier entries in a single return.
I'm concerned that should we need to make adjustments to tax locked months after the year end or vat period end that we're going to be scuppered.
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Bad form to answer my own question, but have I misunderstood the lock date?
ie does the lock only apply to the ability to edit/modify transactions entered before that date while keeping the scope to make new entries dated before the lock date?
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