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Hi Community,
I understand that in Navision, the standard process is that we should Close Accounting Period before we close Income Statements.
I was able do Close Income Statements even before I close my Accounting Periods in Navision 2018, what does it means?
How will it affect the back ends?
Thank you!
Josh,
Nothing really. The Close Accounting Periods updates the Closed and Date Locked fields for all the periods in the year are selected. The fiscal year cannot be opened again and you cannot remove the check mark from the Closed or Date Locked fields. Even though a fiscal year has been closed, you can still post general ledger entries to it. When you do this, the entries will be marked as posted to a closed fiscal year and the Prior-Year Entry field will be selected.
Just run the Close Accounting Periods now.
Hope this helps.
Thanks,
Steve
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