Accounting period reviews, locks & closing (PAS)

Prev Next

This help article is related to the Production Accounting Suite (PAS)

In Wrapbook, production accountants and administrators can manage budgets using either the Production Accounting Suite or Cost tracking. To understand the differences, click here.

The Production Accounting Suite (PAS) is permission based

To access PAS features in Wrapbook, your account must have one of the following roles enabled:

  • Role: Company Admin, Accountant

  • Custom role with: Accounting & Cost Tracking / Budgets (Production Accounting) - Full access

Overview

The period pre-close lock lets accountants with the appropriate permission lock an accounting period to control who can add or post transactions during that time. When a period is locked, team members without posting authorization see a notice and cannot post to that period until it is unlocked or they receive the required access.

Use the period pre-close lock to protect accounting work before closing a period and prevent unauthorized changes.

How to access

  1. In the left-side navigation, click the dropdown menu to select the project

  2. In the Project menu, click Project settings

  3. In Project settings, click Accounting

  4. In the Accounting settings, click Manage next to Periods

Review unposted transactions before closing a period

You can review unposted transactions before you lock or close a period.

  1. Open Periods

  2. Click the unposted-transaction count for the period

  3. In the Unposted transactions drawer, review the transactions

  4. Select the transactions you want to post

  5. Click Post

You can also start the review from the Close period confirmation popup by clicking Review transactions. Wrapbook opens the Posting page with a banner that says: You’re reviewing unposted transactions before closing the [dates] period. Unposted transactions will be moved to the next open period when this one closes. Click Return to close to return to the close workflow.

Authorized users can select transactions in the Posting page and click Post. The Confirm posting popup states that posting is irreversible. After posting completes, Wrapbook shows Successfully posted [X] transactions and indicates that the posting report is being generated.

How to lock an accounting period

  1. Open Periods

  2. In the row for the current period, open the Actions menu

  3. Click Lock period

  4. Review the confirmation popup

  5. Click Lock period to confirm

The confirmation popup shows how many people can still create and post transactions after the period is locked. It also shows how many unposted transactions will be routed to the next open period when someone tries to post them. Click Edit permissions in the popup to review or change access before locking

After locking, the period status shows Locked with a count such as 1 person can post or 2 people can post. The Actions menu includes Unlock period, Edit permissions, and Close period

How to unlock an accounting period

  1. Open Periods

  2. In the row for the locked period, open the Actions menu

  3. Click Unlock period

  4. Review the confirmation popup, then confirm the unlock

The confirmation popup states: Are you sure you want to unlock this period? New transactions will default back to this period. After the period is unlocked, a confirmation message shows that the period was unlocked and new transactions can default back to it

What happens when a period is locked

When an accounting period is locked:

  • The period remains visible in Periods

  • The period row shows Locked and may include 1 person can post or 2 people can post

  • Company admins always have access to create, post, and edit transactions in locked periods

  • Team members granted locked-period access can create, post, and edit transactions in the locked period

  • Team members without locked-period access cannot create a transaction with an effective date in the locked period

  • Team members without locked-period access cannot post transactions to the locked period

  • Unposted transactions are routed to the next open period when someone tries to post them

When an unauthorized team member tries to post, Wrapbook shows: This accounting period is locked and cannot accept newly posted transactions. Contact a project accountant or admin for access. The error includes a Reload and try again link.

A distribution change can follow a separate workflow. See Create a distribution change from a posted transaction in a locked period.

Manage access to a locked period

Company admins and team members with locked-period access can create, post, and edit transactions in a locked period.

  1. In Periods, open the Actions menu for the period

  2. Click Edit permissions

  3. In the Locked period access popup, review the team members listed under Name and Access when locked

  4. Toggle access on or off for the appropriate team member

  5. Click Save changes

The Locked period access popup states that Company admins always have access. The period-lock confirmation popup shows how many people can still create and post transactions after the period is locked.

Create a distribution change from a posted transaction in a locked period

A team member without permission to create transactions in a locked period can still create a distribution change from a posted transaction in that period.

  1. Open the posted transaction in the locked period

  2. Click Distribution Change

  3. In Revise Distribution Tags, update the Acct value

  4. Click Process changes

  5. Review the success message, Distribution change was successfully created

  6. Open the new distribution change and review its dates and posting status

Wrapbook creates the distribution change as a new unposted transaction using the current date.