An important step in maintaining any accounting system is controlling access to financial periods. Financial period balances control how financial statements are presented. Once financial statements are complete, they shouldn't change except in very specific, controlled circumstances. If a firm doesn't properly control access to financial periods, the company's past financial statements will continue to change. In addition to the frustration of trying to compare results to a moving target, continually changing financial statements can cause SEC issues, audit problems, and a loss of confidence in the firm's financial reporting.
The way to control access to financial periods in Dynamics GP is to close financial periods that are not being used. In some systems, closing a period is a time consuming and irreversible process. This is not the case with Dynamics GP, which provides an easy way to close periods and reopen them for adjustments prior...