Books Closed setting

In accounting software, you can set a closed books date so that no transactions before that date can be changed. This ensures the integrity of financial reporting. Once numbers are reported for a certain time, you don’t want anything to change in your books.

A closed books date setting is also available in Key CashFlow.

Jump to:

• How the closed books date setting syncs
• Enable closed books setting
• Manually set the closed books date
• How the closed books date works

How the closed books date setting syncs

Note: If the closed books date in Key CashFlow does not match what is in the accounting software, the Books Closed Date in Key CashFlow is the master when creating or editing transactions in Key CashFlow.

Enable closed books setting

To enable the closed books setting in Key CashFlow, you'll need to have the Administrator role.

1. Select Settings
2. Select Preferences under Accounting
3. Select the Edit icon
4. Set Enable Closed Books to Yes to enable
5. Set Restrict Inbound Transactions to Yes if you want the closed books setting to apply to transactions syncing in to Key CashFlow from your accounting software. Set it to No if you want to allow transactions to sync to Key CashFlow regardless of the closed books date.

Manually set the closed books date

To manually set the closed books date in Key CashFlow, you'll need to be an Administrator or a user with permissions to manage company.

1. Select Settings
2. Select Preferences under Accounting
3. Select the Edit icon
4. Select the Books Closed Date
5. Select Save

You can update or edit the closed books date, but it must be set to today's date or earlier. It can't be a future date.

How the closed books date works

Once you set the closed books date, the following will not be allowed:

• Create a bill, invoice, vendor credit or credit memo with an invoice/credit date in a closed period
• Select a process date within a closed period when scheduling or recording a payment

The following will still be allowed:

• Apply a vendor credit or credit memo with a credit date in a closed period
• Void or cancel payments with a process date in a closed period as long as the payment hasn't deposited or cleared yet

If you need to edit transactions in a closed period, you'll need to reopen the period.

Note: If you sync with Quickbooks Desktop, receivables invoices created in Quickbooks Desktop in a closed period will sync to Key CashFlow.