Locking accounting periods and transactions

Develop a strong compliance strategy by locking transactions after an accounting period ends, reducing the chance of errors in past reports and balances. After a period ends, you will have until the transactions lock to add and reverse transactions or reprocess reservations. Once the transactions lock (based on how the accounting period is set up), only account admins and account managers will be able to make those changes.

You can lock an accounting period every month or once a year, but we recommend keeping the default setup - accounting periods end monthly and transactions lock on the 10th day of the following month. Follow the instructions below to change these default settings. 

Step by step:

1. Sign in to your Guesty account.
2. In the top navigation bar, click the mode selector and select Accounting mode.
3. Click Setup.
4. In the left menu, click Lock accounting period.
5. Set up your locked accounting period:
   1. How often will an accounting period lock? By default, it locks "Every month". If you do not want a short locking period you can choose "Every year". 
   2. When does the period start and end? By default, the period starts on the 1st of every month. The "end" automatically adjusts to your "how often" selection: If you chose "Every month" the period will end on the last day of the month, and if you chose "Every year" it will end on December 31st.  
   3. When do transactions lock after a period ends? By default, transactions lock 10 days after a monthly period ends. For example, transactions from March will lock on April 10th. 
6. In the top-right corner of the page, click Update accounting period.