Close Accounting Periods
The platform allows users with the appropriate permission to reverse statements and transactions to correct billing issues when the need arises. Changes like these will change reporting numbers unless the accounting period has been closed.
Closing a Period
To close the accounting period go to Reports > Accounting Periods. On this screen populate the date in the field labeled New Statement Close Period. The date of 6/1/2016 would lock all statements and associated transactions with a created date of that date and before. The Reverse option would no longer be available for these line items. This action is permanent and cannot be reversed so use with caution. Rev.io will add an entry to the table with the closing date, date entered and user performing the action.
The field labeled Adjustment Lock Period sets a number of days that allow for unposted transactions to be edited. These are credits, invoices and payments not on a statement. For example, if 5 is placed in the field and saved. Unposted transactions can be edited for 5 days only and then will not be eligible for reversal. This option is not widely used by the our clients.
Accounting periods can also be closed automatically by enabling a job or service to perform this function monthly. Speak to your account or project manager if you would like this option enabled.