How to Lock Accounting Periods

Locking accounting periods helps protect your books from unintended changes after a specific financial period ends. It's a common step after submitting tax returns or completing year-end reviews.

This guide walks you through how to lock accounting periods inside Wafeq, step by step.

How to lock a financial period?

To lock a current or past period, click on your organization name, then click "Lock periods" from the dropdown menu.

To add a new period, enter the following details in a new row:

• Organization: Select the organization you want to lock the period for. This field will show all organizations you have access to.

• Period ending: Choose the date after which no transactions will be allowed. Any journal entry dated on or before this date will be rejected.

• Status: Choose "Closed" to lock the period immediately, or "Opened" if you’re just preparing the period and not ready to activate the lock yet.

• The Created and Modified timestamps are filled automatically.

• To add a comment, click the “+” icon next to the period.

• Enter your note in the panel, such as "Stocktaking lock".

• Then click the "Comment" button to save it.

• You can view the saved comments again by clicking the same “+” icon.

You can manage the list using:

• Search bar: to quickly locate a period by organization name.

• "Sort": button to arrange the table by period end date, ascending or descending.

• "Filter": button to narrow results by date or organization.
  
  
  

If you try to add a transaction dated before a locked period, the system will show an error message.