Did you unintentionally close the books, or need to make changes to a transaction within a closed period? No problem! With proper security access, Sage Intacct provides the flexibility you need for opening and closing books and updating transactions as needed.
You can open all the books, or only those subledgers you want to change. For example, you can open Accounts Payable by itself if you only need to make a change to a bill summary without exposing the other applications. By opening the books for a closed period, you can access detail and post transactions to that closed period.
Access to opening and closing books is usually restricted to the accounting manager, controller, or CFO. Typically, you open books only to book adjusting entries that arise from your annual audit. However, if you close your books monthly or quarterly to prevent anyone from posting transactions to those periods, you may have a more frequent need to re-open your books. To restrict Open Books access to your authorized team members, you can set access permissions for them in the Company application.
Summaries are collections of the same type of transactions, grouped together for processing. Until you or the system creates a new summary, no line items appear in the Summaries list page. Summaries can be either opened or closed.
When you first create a transaction summary within a module, it is open, and you can enter transactions. If you've closed the summary so that no one can either add or delete bills, the Open Subledger page for each module (for example Accounts Payable or Accounts Receivable) enables you to reopen it either by period or by summary name. After you open a closed summary, you can once again add or delete transactions (e.g. bills or invoices) within that summary.
To view the list of summaries, go to the module (for example, Accounts Receivable), Subledger > Summaries.
You then have two ways to open summaries:
Important Note: If you open a summary just briefly to post a transaction, remember to close it immediately so no one can inadvertently post more transactions to it.
If you have questions about re-opening your books, or if there are other Sage Intacct topics you’d like to hear more about, click here to start a conversation with our team.