Accounting Period
Locks closed periods so nothing already-reported can be quietly edited.
What it does
Sets the closing dates that block new or edited transactions dated before them — one for general accounting, one for HR/payroll.
How it works
Set the closing date
Once a period is reconciled and reported on, move its closing date forward — anything dated on or before it is now protected.
The problem it solves
Without a hard closing date, a transaction dated last quarter can still be edited today, silently invalidating reports that were already sent out. This is what makes a closed period actually closed.