Grace-Ann Meyer (Customer) asked a question.
Lock Period Date - Still allows cost recoveries, anticipated payments and WIP to post in prior period.
The Lock Period Date does not stop cost recoveries, anticipated payments and WIP posting in prior periods even though the prior periods should be locked. This is quite problematic where companies operate on an accrual basis and post accurals for anticipated payments, cost recoveries and WIP in the General ledger. A month end can be completed with all the leap report generated and saved and then unbeknownst to you a users goes in and posts time, costs etc in a prior period and therefore the month end reports change even though the month end has been closed and reported.
Hi @Grace-Ann Meyer (Customer),
Thank you for posting on LEAP Community Discussions.
LEAP’s Lock Period Date is configured to prevent any transaction journal items to be created prior to the date set.
These include:
• Office Payments
• Invoices (both Draft and Final)
• Receipts
Users will be prompted if an attempt is made to create any of the above transactions prior to the Lock Period date.
Regarding Time & Fees, Anticipated Payments and Cost Recoveries – these items are not restricted to the Lock Period Date as they do not create a General Ledger Journal
You may provide feedback regarding this at our LEAP Ideas hub (info here), this allows other users to vote and discuss ideas & feedback for consideration by our product team.
Let us know if you require further assistance.
Best regards,
Sebastian.