Use Set the reconciliation date to set the date of the most recently closed billing period. Current period time capture, billing, or account receivable transactions must have dates after the reconciliation date. Reconciliation dates assist your firm with maintaining and controlling the reported period end balances.
Access to prior periods is controlled in the security groups to which staff are assigned. Corrections and changes to prior periods can be made, but this ability can be restricted based on position or specified individuals. The Lock reconciliation date > Allow corrections before reconciliation date and Lock reconciliation date > Allow rate and amount corrections before reconciliation date permissions control the ability to make prior period adjustments. If no staff have those rights, then all transactions must have a date after the reconciliation date.
To set a reconciliation date, do the following:
- Open Dashboard, click Application Links on the navigation panel, and then click Set the reconciliation date under Administration.
- Select a reconciliation date from the available list.
- Click Save to save your changes or Cancel to exit the window without saving.