When you close an accounting period by clicking the “Close books” icon in Accounting->Accounting Periods – you will NOT be able to enter any more financial transactions (such as record payments, expenses, revert payments etc.) in that accounting period. The data becomes ‘read only’. We recommend you do this only AFTER your accounts are audited and AGM approved. You will be able to re-open a closed accounting period, but an email notification will be sent to committee members of the community that the accounting period has been re-opened.
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- What happens when I click “Close books for accounting period” button in Accounting Period screen?