Accounting: How to deal with lock dates?
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Accounting: How to deal with lock dates?
You can find this feature in : Accounting > Accounting > Action > Lock dates
You have 3 dates fields :
Here's how they affect the accounting :
- The lock date for non-advisors: The date on which users not belonging to the "Accounting/Invoice Setup" group will no longer be able to post accounting documents for the previous current posting period. E.g.: if you define this date today as 04/20/2020, the users concerned will no longer be able to post accounting documents to the T1 posting period (01/01/2020 - 03/31/2020) as of 04/20/2020. On 04/2020, this date will have to be changed again for Q2.
- The lock date for all users: Same explanation as the lock date for non-advisers, but this applies to all users, even those belonging to the "Accounting/Invoicing settings" group.
- Tax lock date: The date on which no user will be able to change an accounting document influencing the previous fiscal period.
Tax lock date:
If you generate an invoice with a date prior to the "Tax Lock Date" the system will warn you:
"The accounting date is set prior to the tax lock date which is set on 03/31/2021. Hence, the accounting date will be changed to the next available date when posting"
and automatically create "Cut-Off" entries.
Very convenient!
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See: https://www.youtube.com/watch?v=SLRMmYxGkIM