How to lock accounting periods

This article provides an overview of locking accounting periods and how to set it up in your Planyard account.

Introduction

Locking accounting periods helps centralise control over how costs are allocated in your projects. It prevents costs from being assigned to months that are already closed in your accounting system.

This is especially useful for companies with strict accounting practices. For example, if your accounting system has closed November, but a delayed invoice is entered in Planyard, it could still be allocated to November. Locking the period prevents this kind of discrepancy.

Locked periods are also respected in the cash flow forecast, ensuring consistency between forecasts and actuals.

How to lock an accounting period

1. Click Company in the top menu.
2. Go to Settings.
3. Click Company-wide features.
4. Scroll to the section labeled Lock accounting period.
5. Select the month you want to lock.

Once locked:

• No invoices can be allocated to the locked month or any earlier periods.
• All new costs will be allocated to open periods only.

This ensures that Planyard remains in sync with your finalized accounting records.