Use the following procedure if you want to be able to indicate that a G/L period is closed. You will set up two options in Options Configuration so that the system will not post transactions with a date less than or equal to the date you specify.
There are two available methods of using the Closed Period feature. You can set it up to:
Use the current date when posting "closed" transactions, so that any transactions that would normally fall into a closed period will automatically have the G/L date set to today’s date,
or
Not allow any transactions to post if there are transactions from a closed period in the general journal; you will have to delete those transactions and re-add them with a valid posting date and then re-run the appropriate G/L posting report.
Click ID. In the dialog that displays, in the Option ID field, type 8269 and click OK. The option "Last Closed Date in General Ledger" displays. Click in the Current Value column, enter the appropriate date, and click Change.
Click ID. In the dialog that displays, in the Option ID field, type 8271 and click OK. The option "Posting Rules for Closed Periods in General Ledger" displays. Click in the Current Value column, enter 2 or 3 (depending on the method you want to use), and click Change.