Lock past year accounts to prevent changes

stephencheahstephencheah Member Posts: 2

Is there a way to lock past year accounts after they have been closed to prevent unauthorised changes?

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  • AlexLAlexL Administrator Posts: 1,139 admin

    Hey @stephenthor . There is no way to lock previous years. The purpose of this in Wave is to be able to access historical data so you can pull up reports and make adjustments at any point. I can definitely understand the want to close these off if you think someone who has access to your account may make unauthorized changes, but this is not currently a function within Wave.

  • MerlinAccounts_UKMerlinAccounts_UK Member Posts: 177 ✭✭✭

    @stephencheah said:
    Is there a way to lock past year accounts after they have been closed to prevent unauthorised changes?

    As @alexlewiszarkos states, Wave doesn't offer this BUT what you could do is carry out year end journals to zero out the Profit & Loss nominal account balances and post to the retained earnings account on the balance sheet, and similarly download a closing trial balance report before performing the journal. This way you will have two points of reference to go back to BUT also the expenses accounts for prior years reports (when you generate them) should show NIL closing balances UNLESS an historic data entry has been made (for example due to keying in an incorrect date)

  • stephencheahstephencheah Member Posts: 2

    Thanks Andrew and Alex for your responses.

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