How to Close and Reopen GL Transactions in i-Account

How to Close and Reopen GL Transactions in i-Account

Introduction

A general ledger (GL) represents the record-keeping system for an organization's financial data, with debit and credit account records validated by a trial balance. 

In i-Account, for example, Admins can close and lock a GL after performing month-end closing and generating the monthly financial report. This step prevents any unauthorized or accidental changes to the closed financial periods. Once the GL is locked, users will not have access to edit or delete historical transactions or enter new transactions for the locked dates. However, the locked dates may be reopened by the admins.


Process
The steps on how to close GL transactions are as below:


a) Close GL Transactions
1. Go to Banking and General Ledger > Maintenance > Closing GL Transactions.


2.Select the End date of closing period to close the GL. 


3. However, to proceed with the closing, the admin needs to enter a Closing password when the account is closed for the first time in the system. 


Note on Closing Password: 
i. All the account users share the same password.
ii. Admins do not need to enter the password for subsequent closings but need it to reopen closed dates. 


4. Next, click Close Transactions to proceed with the closing. 


Example of transactions that fall before and after closed: 
To edit any transaction, Admin can go to Banking and General Ledger > Inquiries > Journal Inquiry.

Before Close GL Transaction:
Admin can click the Edit icon (pencil) to edit:


After Close the GL Transaction:
Click on the “Show Closed” checkbox to view the listing of closed transactions. The x icon (user restricted from edit) is displayed instead of the previous edit icon. 


b) Reopen GL Transaction
The Admin can reopen the closed period to edit or save a transaction date based on or before the closing date. 
To unlock, change the closing date to an earlier date, enter the Closing password, and click “Close Transaction”. 


c) Manage Closing Password
1. If you want to change the password later, click “Manage Password” at the top right of the page. 



2. Enter the Old Password and Create New Password to proceed with the changes.  


3. Click the “Update Password” icon to proceed.



Note: If some of the screenshots or steps viewed here are different from the ones in the current system, this is due to our continuous effort to improve our system from time to time. Please notify us at info@timeteccloud.com, we will update it as soon as possible.


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