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      What's New - January 8, 2024

      Prevent postings to future months

      What is it? 

      You can now enter the number of months into the future that transactions can be posted to.  For example, if the current month is January 2024 (Happy New Year!), if you set the No. of Future Open Accounting Months  to 3, users will be prevented from posting transactions past April 2024. 

      Set Up Options

      Why does it matter? 

      The system sets the Accounting Month based on the transaction date, which means that if the transaction month or year is entered incorrectly, the Accounting Month would also be incorrect.  

      Users are still accountable for reviewing the data they are entering and posting, but this additional control provides finance leadership the option to define the period that financial transactions can be posted to.  

       

      How does it work? 

      1. Navigate to Set Up Files>Set Up Options 
      2. In the No. of Future Open Accounting Months field, enter the number of months that you would like to allow transactions to be posted to. 
        1. To prevent postings beyond the current month, set this value to 0.
        2. Leave this field blank to keep the current system behavior, i.e. transactions can be posted to any months in the future 
      3. This function honors the close status at the office and/or transaction level.  

        Scenario:
        * Today's date:  January 8, 2024
        * In the example below, you will see that the database Current
          Accounting Month is still set to December 2023.  This means that
          transactions can still be posted to this accounting month, EXCEPT for
          offices that have already closed December 

        Screenshot 2024-01-08 at 3.17.32 PM

        Let's say that the No. of Future Open Accounting Months is set to 3.  
        * This means that office AMS | Amsterdam - which is already closed for
           December of 2023 - can post transactions up to April 2024, i.e., 3
           months from January which is their current accounting month 
        * For offices that are still open for the December 2023 accounting
           month -- like CA | California -- this means that they can post
           transactions up to March 2024. 

      Prepayments

      The locking of future months excludes  prepayments. This means that the system will still automatically post payments in future months based on the prepayment schedule defined on the supplier invoice. 

      For more information on prepayments, see Prepaid Expense Amortization.