Books Closed setting
In accounting software, a books closed date can be set so that no transactions can be changed prior to that date. This ensures the integrity of financial reporting. Once numbers are reported for a certain time period, you don’t want anything to change in your books.
A books closed setting is also available in PayMaker.
If syncing with accounting software
|Accounting Software (AS)||Close books date sync from PayMaker to AS||Close books date sync from AS to PayMaker||Notes|
|QuickBooks for Windows||No||Yes||The sync dashboard will need to be upgraded to version v_2.0.8250.9 or later|
|Sage Intacct||No||Yes||When syncing with Sage Intacct at the top level (configuration C or D), best practice is to manually set the Books Closed Date, as only the most recent close date from any entity will sync to PayMaker, possibly preventing transactions from another entity from syncing, even if the period is not closed for that particular entity.|
|Oracle NetSuite||No||Yes||Requires bundle 3.2.0 or later|
Note: If the Books Closed date in PayMaker does not match what is in the accounting software, the books closed date in PayMaker is the master when creating or editing transactions in PayMaker.
Manually setting the Books Closed date in PayMaker
To manually set the books closed date, an Administrator or a user with manage company permissions will:
- Click settings
- Click Preferences under Accounting
- Click the Edit icon
- Select the Books Closed Date
- Click Save
The Books Closed date can always be updated/edited but must be the day of setting/editing or earlier. It cannot be a future date.
How does it work
Once the books closed date is set, the following will not be allowed:
- Create a bill, invoice, vendor credit or credit memo with an invoice/credit date in a closed period
- Select a process date within a closed period when scheduling or recording a payment
- Deleting bills or invoices with an invoice date in a closed period
The following will still be allowed:
- Apply a vendor credit or credit memo with a credit date in a closed period
- Void or cancel payments with a process date in a closed period as long as the payment has not deposited or cleared yet