Develop a strong compliance strategy by locking transactions once an accounting period ends. The smart locking mechanism disables changes such as adding a transaction, reversing a transaction, and reprocessing reservations once the accounting period is over. The locked accounting period can be monthly or yearly depending on your preferences and any changes made to locked transactions impact your statements and balances. Follow the steps below to change the locking period.
Note:
The Account Admin and Account Manager are the only team members with permission to lock accounting periods, including reprocessing reservations and reversing or adding transactions after an accounting period has been locked.
Step by step:
- Sign in to your Guesty account.
- In the top navigation bar, click the mode selector and select Accounting mode.
- Click Setup.
- In the left-side menu, click Lock accounting period.
- Choose your preferences for how often an accounting period will lock, when the locked period will start and end, and when the transactions will lock after a period ends.
- Click Update accounting period in the top-right corner of the page.
