SQL Account does not need to perform year end closing as it will perform the auto cut-off itself. But if you want to avoid users accidentally changed any transaction or entered into wrong period, follow the steps in this guide to prevent this.
As the title of this guide says, Maintain Acceptable Transaction Date is all about ALLOWING which transaction to be entered or edited in between the allowed date. That also means, transaction date that falls outside the acceptable period will not be allowed to create or edit.
I have completed my account for 1/1/20XX - 31/1/20XX, I wish to close the January accounts so no one can edit or create more entries. What should I do?
Go to Tools.
Select Maintain Acceptable Transaction Date.
Click Append (Green icon with the + symbol).
Select the acceptable period. E.g. from 1/2/20XX to 28/2/20XX.
Now you may try to enter a transaction in January. A message will pop up to remind the user that the entered transaction falls outside the acceptable transaction date.
Thus, the user will not be allowed to enter it successfully unless authorised by ADMIN.
#TIPS: Remember to maintain user access rights to disallow user to override the acceptable transaction date.