Reversing a Close of Period may be necessary if you realise that certain transactions—such as invoices or expenses—were missed before the period was closed. This ensures your financial reports reflect all relevant activity.
Important: Reversing a Close of Period is a one-way action and cannot be undone. The system will not allow you to re-close the same period with the original timestamp. When you re-close the period, a new timestamp will be applied.
Steps to Reverse the Most Recent Close of Period
You can only reverse the most recent period that was closed. To do so:
- Go to the Client/Trust Accounts tab.
- Click into the Close of Period History section.
- Select the most recent Close of Period.
- Click Roll Back.
- Confirm the reversal by clicking Yes, Roll back this close of period.
After Reversing the Close of Period
Once reversed, you can enter or amend any transactions that were previously missed. After making the necessary changes, you can initiate a new Close of Period for that same timeframe.
A fresh set of reports will be generated to reflect the updated transactions. These revised reports will ensure your financial data is complete and ready for audit or reporting purposes.
Regional Terminology
The terms “Trust Account” and “Client Account” vary by region. Customers in Asia-Pacific will see “Trust Account,” while customers in Europe will see “Client Account.” This functionality is not available to customers in North America. For more information, refer to our Glossary of Regional Terminology.