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- (Tick) Auto generated Retained Earnings: To transfer Profit or Loss for the period to Balance Sheet Account (Replacement of Month End Processing function)
- Update monthly period description
- Update Quarter : Q1, Q2, Q3 and Q4 : Allow to view Profit and Loss Statement by Period; Balance Sheet by Period
- Lock monthly period transaction (Selection of OPEN, LOCK GL, LOCK TXN, LOCK ALL).
- Click the Update button.
Different on Type of Lock:
1. OPEN
- When the Financial Year is "OPEN" Status → any user allowed to change or perform any backdated transactions
- This might cause discrepancy on the Financial report or Tax report
2. LOCK GL
- When Financial Year is "Lock GL" Status → any user is not allowed to create or add Manual Journal Transaction
3. LOCK TXN
- When Financial Year is "Lock TXN" Status → any user is not allowed to create or perform any Sales or Purchase transaction
4. LOCK ALL
- When Financial Year is "Lock ALL" Status → any user is not allowed to create ALL transactions which include manual journal
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