GL Period Close: Frequently Asked Questions
Quick answers to the questions we hear most about closing accounting periods. For the full walkthrough, start with Closing an Accounting Period . Who can close or reopen a period? Anyone with GL view...
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Quick answers to the questions we hear most about closing accounting periods. For the full walkthrough, start with Closing an Accounting Period.
Who can close or reopen a period?
Anyone with GL view access can see the Bank tab and read period and account status. Reconciling an account, booking journal entries, and closing an account or period requires manager-level accounting access. Reopening a closed account or period requires an additional, more restricted permission that not every manager has.
Does anyone get emailed when a period or account closes?
No. Closing, reopening, and reconciling are all silent by design. No emails or push notifications go out to anyone at any step.
What happens to my postings after an account is locked?
Nothing changes for entries that already existed. New entries can't post to a locked account for that period. An automated posting that has no explicit date rolls forward into the current open period instead of landing on a locked one. If you need to post to a locked account, you'll need to reopen it first. See How to Reopen a Closed Period or Account.
Can I close periods out of order?
No. Periods close oldest first. If an earlier period is still open, close it before closing a newer one. Accounts within a period don't have to close in any particular order relative to each other.
What if an account doesn't have a bank statement yet?
It shows as "awaiting statement" and simply isn't ready to reconcile yet. There's nothing wrong: wait for the statement, or start reconciling with the transactions you already have.
Does this work across multiple currencies?
Each property's books run in that property's own currency, and period close works within it the same way your GL already does. If you manage properties in different currencies, you close each property's periods separately.
Where can I see the history of closes and reopens?
The closed-period review for any period includes an audit timeline showing every reconcile, close, and reopen action taken on that period, along with who did it and when.