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I understand how the "Allow Posting to a Closed Period" works. But we are planning to close period 12, which is out last period of the year..
Doing so will therefore close the Year (based on my understanding)
Will I be able to set Allow Posting to a Closed Period and post to period 12 which is the last period of the year?
We now realize how important it is (was) to set up 13 periods with period 13 being reserved for adjustments... and when we close period 13 it would close the year... unfortunately we did not do so, and the following quote "In Acumatica ERP, you can add an adjustment period for each year only during initial setup, when you configure your financial year and its periods."
As far as I know, there isn't anything special about closing the year. I think it's the same as closing a period as far as what happens behind-the-scenes.
I just did a test where I closed down 2014, 2015, and 2016. Then I checked Allow Posting to Closed Periods. Then I successfully posted a journal entry to January 2014.
But note that the period still has to be marked Active in the Financials Periods (GL201000) screen, even if you allow posting to closed periods. "Closed" and "Active" are two separate things.
In older systems like Dynamics GP (Great Plains), closing a year actually meant something. The data would actually get moved to archive tables. And, if I remember correctly, you could only post back to the two most recent closed years, or something like that. I've always assumed that was just how they had to architect things for older hardware.
In Acumatica, I'm still not really sure what value closing a period/year brings to the table, other than giving you the comfort of doing a "close" like you would do in other systems. As far as I can tell, just managing the Active box on the Financials Periods (GL201000) screen has the same effect.
But I'd love to hear what others think. Do you find a use for closing a period vs. just unchecking the Active box on the Financials Periods (GL201000) screen?
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