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: 1,945 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.

  • ZuVZuV Member Posts: 1

    I miss this feature, too.
    It seems to me quite simple to implement, just to lock previous years.
    It is very easy to make a mistake by anyone in the team... accidentally change something (amount, account, ) and suddenly the final report doesn't match. I have experienced that already.
    By adding such lock function, you let the user decide either he wants to use it or not.
    Looking forward

  • alexmerrillalexmerrill Member Posts: 4

    I really need this feature as well. So I can keep running reports but not accidentally make a change. I just found a $99 item uploaded to 2018 as I was preparing 2019 taxes. Grr.

  • MayMay Member Posts: 1

    I think the lock function is very much needed.

  • ViveanReadyViveanReady Member Posts: 1

    Yes the lock function is needed with a warning that "YOU ARE ABOUT TO MAKE A CANGE TO A PRIOR YEAR THAT HAS ALREADY BEEN FINALIZED"

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