Summary
Is it necessary to change the accounting period each month?
Resolution
You do not have to close or change the accounting period each month. However, there are some advantages to changing the period:
- Changing the accounting period to the current month will cause new transactions to default to the current date.
- If the accounting period is not changed, the date will default to the first day of the set period.
- Entering transactions in a past period will warn the user or prevent entry if the security is set up to prevent entry in prior periods.