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Closing the Period

Overview

This tutorial will review how to close the period.

Some users want to ensure that once billing is completed for a particular month or period, that users cannot make changes to closed invoices, credits, or charges posted within that period. This can help maintain accuracy of financial data.

This action only impacts closed account records (Invoices, charges, credits).

If you wish to close the period, users must do so manually after each period. Users typically do this after they complete end of month billing each month.

We highly encourage users to create restrictions in permissions for certain users to ensure that they are unable to re-open the period.

Estimated Time to Complete – 5 minutes

Instructions

Click the tabs below based on the version of the Wise Option software you need instructions on.

Video How-To

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Step-by-Step Guidance

Closing the Period

  1. Navigate to Tools > Options

  2. Ensure “Close Out Period on” is checked

  3. Type the last day of the period you would like to close

    1. If your billing period is the 1st to the end of the month, the date would be the last day of that previous month

    2. Any account records (Invoices, charges, credits, posted on or prior to the date typed here will be unable to be altered while this option is selected.

  4. Click Save

Re-Opening a Past Period

  1. Navigate to Tools > Options

  2. Uncheck “Close Out Period on”

  3. Click Save

  4. Go to the closed records that need changing.

  5. Once done, go back to Tools > Options and close the period again (Steps Above).

Resources

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