Whenever you enter a transaction into MoneyWorks it is put into a specific accounting period. Thus if you make a payment dated March, the details of that payment will be recorded in the March period, and the expenses which the payment represents will be reported on in March.

When you first set up MoneyWorks, you indicated how many periods you wanted in your financial year —see Periods. Most organisations have 12 periods, one for each calendar month in the year.

Managing your periods is important. You can only enter transactions into periods which are open. MoneyWorks will normally manage opening your periods for you automatically. However it is important to close periods as well—while a period is open you can still enter transactions against it. Because MoneyWorks stores over seven years, this means that you can back enter transactions well into the past. But, if you have already finalised your accounts for those periods, or even presented final results to the board, back entering transactions in this manner will change these results.

Note:Period Management can only be done in single user mode, and the To Do panel in the Navigator is a good place to do it.

Managing Financial Periods

In MoneyWorks, a period can have one of several states:

Open:  Transactions can be entered into the period;

Locked:  Transactions cannot be entered into the period, but the period can be “unlocked” so it becomes open again;

Closed:  Transactions cannot be entered into the period. Once a period is closed it cannot be re-opened.

Purged:  A closed period can be purged. Any transactions already entered into the period are discarded. The period balances remain.

Opening a period is handled automatically for you, and will occur:

  • If you enter a transaction with a date past the end of the current period. You will be asked if you want to open the new period;
  • If you open a MoneyWorks file whose last period ends before today.
  • If the Document preference Auto open new period when opening file in new month is on, a new period will be silently opened when the file is first opened in the new month (regardless of the user’s privileges), provided it is opened within 30 days of the old period ending.

You can also explicitly open a period by using the Open/Close Period command in the Commands menu. You have to use this command to lock, close or purge a period. The most recently opened period is known as the current period.

Note: Opening periods in advance has little effect in MoneyWorks, but is probably better avoided.