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Another Way to Have Greater Control Over Your Finances
Originally published Saturday, Dec 22, 2018
Here at Komet we’ve been really busy at work developing new solutions for your needs. As you begin a new cycle, why not have greater control over your finance? That’s why we created a new Closing Periods setting that allows you to close an Accounting period for a specific month. Now, once a period is closed, the system will not allow any financial transactions that may affect the month that has been closed, giving you exact results.
Also, once it’s closed and needs to be reopened for any reason, the system will automatically send an email to Admins and Account Receivable roles within the company notifying the person who reopened the period and the date.
You must keep in mind that there are certain actions that will not be allowed once a period is closed:
Edit, create or void an order with a ship date within a closed accounting period.
Update the ship date of an order belonging to a closed accounting period.
Create or void a payment associated to a closed accounting period.
Create or edit credits if the credit date is in a period that’s already closed.
Create, apply NSF, chargebacks or void payments with a payment date belonging to an already closed accounting period.
How does it work?
Closing a period is quite simple, all you have to do is click on the Closing of Accounting Periods option under Account Receivables in settings and select a year and month of the period you wish to close. From this point on, you must remember the restrictions mentioned above. If for any reason you need to reopen a previously closed period, all you have to do is choose the period from the Closing Accounting Periods option and confirm the action.
What are you waiting for? Take advantage of this awesome new setting and start your new cycles in full control of your finances. Please remember that if you have any further questions, don’t hesitate to contact us on email@example.com.