For our Asia-Pacific customers, the term "Trust Account" is used, while European customers refer to it as "Client Account". It's important to mention that the Client/Trust Accounting functionality does not apply to customers in North America. For further information on regional terms, check out our Glossary of Regional Terminology.
Reversing a Close of Period may be necessary if you've discovered that certain transactions were not accounted for before the period was closed. This could include late invoices, missed expenses, or any other financial activity that should be included in the period's reports.
Keep in mind that reversing the Close of Period action is irreversible; a new Close of Period with the same date and timestamp cannot be re-established. For any subsequent Close of Period’s, the system will generate a new timestamp reflecting the completion time of the revised closure.
Steps to Reverse the Most Recent Close of Period
Reversing a Close of Period is a straightforward process, but it's important to note that you can only reverse the most recent period that was closed. Here's how to do it:
- Navigate to the Close of Period History section from the Client/Trust Accounts tab.
- Locate the most recent Close of Period and click on Details next to it.
- Select the Roll Back option.
- Confirm your intention to reverse by clicking Yes, Roll back this close of period.
After Reversing the Close of Period
Once you have reversed the Close of Period, you can proceed to include any additional transactions that were previously omitted. After updating the accounting period with the necessary transactions, you can close the period again. This will generate revised financial reports that accurately reflect all activities within the period. Any additional transactions will be included in the revised Close of Period reports.
By following these steps, you can ensure that your Trust Account is accurately closed for the period, and all necessary reports are generated for audit purposes.