Accounting Period
The accounting period is a primary time concept in any accounting system. REVLOCK leverages the accounting period to determine what transactional data belongs to which period.
The accounting period is always visible right in the top toolbar.
Once you set the accounting period the system marks the prior period as "**closed**" (in my example this would be the month of July) and hence the revenue for that period is closed or locked down and the revenue or any other accounting number for that period cannot be changed.
You can still make corrections to orders from prior periods but the net effect of those changes will be computed by REVLOCK by using an internal rewind/ replay algorithm and the change in value will be available in the current period.
When you do close a period you will want to post to your ledger at the same time. If you have opted to use automated integration to an accounting system, REVLOCK will automatically post your journal entries for you at this time, if not then you can use our journal summary reports to manually record your ledger transactions at whatever level you choose.
The accounting period is always visible right in the top toolbar.
Once you set the accounting period the system marks the prior period as "**closed**" (in my example this would be the month of July) and hence the revenue for that period is closed or locked down and the revenue or any other accounting number for that period cannot be changed.
Prior Period Adjustments
You can still make corrections to orders from prior periods but the net effect of those changes will be computed by REVLOCK by using an internal rewind/ replay algorithm and the change in value will be available in the current period.
Effects of Closing
When you do close a period you will want to post to your ledger at the same time. If you have opted to use automated integration to an accounting system, REVLOCK will automatically post your journal entries for you at this time, if not then you can use our journal summary reports to manually record your ledger transactions at whatever level you choose.
Updated on: 14/10/2020
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