Closing Your Books

Legacy KB ID: 288

Question

Should I close my books?

Answer

Unlike many accounting systems, Reckon Accounts does not require you to close your books at the end of an accounting period.

Because Reckon Accounts does not formally close out any accounting period, you can always enter transactions for any time period.

A major reason for closing your books in Reckon Accounts is to restrict access to the transactions of prior accounting periods, so that no one changes the transactions without your knowledge.

What happens when your close your books:

You set a closing date. Transactions entered before the closing date are protected by special permission. This lets you control who has the ability to change these transactions.

Advantages to not closing your books:

  • You always have easy access to last year's data, allowing you to view a transaction's details and even make changes to it.
  • You can create reports to compare this year's data with last year's data.
  • You can enter transactions whenever you need to, without worrying about whether or not they are from the current period.




Need more help?

Ask the Reckon Community at: https://community.reckon.com/categories/reckonapi

How did we do?

How do I resolve the error, "Insufficient memory"?

Processing a GST-only transaction

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