Question: What does closing the fiscal period do?
The fiscal period is often closed in one of two ways. Either manually through the association settings screen, or more often through the financial delivery action item. The financial delivery action item has a step built in to close the fiscal period.
Closing the fiscal period will prevent AR & AP transactions being backdated into the closed period, so that financial reports are not being erroneously altered.
Please note that GL entries will still be able to be made into a closed period.