How do I manage posting periods?

This article covers how to open and close posting periods

Applies to:

  • Accounting
  • Administrator
Last Updated: December 2020

An accounting period is a period of time that covers certain accounting functions, which can be either a calendar or fiscal year, but also quarter or month etc. 

These periods are represented in BINDHQ as 'Posting Periods' and are managed by BindHQ administrators and accounting staff members with appropriate rights. Financial transactions can only be applied to periods that are configured as Open.  If a period is closed, new polices and endorsements will be blocked from posting to the financial ledger.

 

Posting Periods are organized in a hierarchy starting with an annual term, then quarters then finally months. To view a period, use the left hand Navbar to go to

Accounting->GL Account Admin->Browse, View, and Edit Posting Periods.

 

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In order to open or close a posting period please follow the instructions below. 

 

Opening an accounting period

In order to proceed you must first ensure you are an accounting user or administrator with the following right: 

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Once you confirm you have these user rights, you can proceed to edit the necessary periods. 

  • To view a period, use the left hand Navbar to go to Accounting->GL Account Admin->Browse, View, and Edit Posting Periods.
  • Select the period that needs to be edited 
  • Finally, identify the field labeled 'Period is closed?" and ensure the checkmark is OFF

 

Closing a period

  • To close a period, ensure you have the proper rights to do so.
  • Once confirmed, use the left hand Navbar to go to Accounting->GL Account Admin->Browse, View, and Edit Posting Periods.
  • The following screen will enable you to identify the period/month of interest, click it to view monthly periods and if required mark it as closed.
  • An entire year may be marked as closed by clicking on 'Edit' on the yearly period and marking it as closed.