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Many organizations implement financial controls that align with calendar months. The month-locking feature enables the locking of calendar months, preventing the addition or modification of invoices, timesheets and new expenses for a specific month.
If your setup consists of multiple organisations, there are separate controls per organisations providing you the option to enforce consistency, or have operate differently between if preferred.
It isn’t mandatory to utilise the month locking feature. When months remain unlocked, it simply allows individuals to add transactions (such as invoices, time entries, and expenses) that are dated within an "open" month.
Months can be locked or unlocked at any time with a simple toggle. If necessary, you can easily unlock a month to allow a new invoice to be added. Just remember to lock the month again afterward.
Check out our suggested best practice approach for using month locking to support your financial control processes.
Invoices
If a month is locked no new invoices can be created dated in that month and existing invoices in that month can’t be edited.
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new invoices dated in that month are unable to be created
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the status of any invoices dated in that month can not be changed (eg draft invoices can't be approved)
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time or expense entries can’t be ticked to be included/excluded on invoice lines that were created using the manual or forecast billing method
Error messages will be presented when trying to create or edit an invoice that is dated in a locked month.
Timesheets
If a month is locked no time entries can be added or edited for any date in a locked month. This is independent to rules such as editing submitted or approved timesheets.
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new time entries can’t be added to a timesheet for a date in a locked month
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existing time entries can’t be edited on a timesheet for a date in a locked month
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time entries can’t be moved (change timecode) if they are on a date in a locked month
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the reviewed status of a time entry can still be set (reviewed or not reviewed) on dates in a locked month
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timesheets can still be submitted or approved in a locked month
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time entries can be written off on dates in a locked month
If a timesheet week spans a month end, the dates in a locked month can’t have entries added or edited but the dates in the unlocked month can.
Rules around editing submitted or approved timesheets will still apply.
New Expenses
If a month is locked no expenses can be added with a purchase date in a locked month.
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new expenses can’t be created with a purchase date in a locked month
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existing expenses in a locked month can have some date edited
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existing expenses can be approved or withdrawn in a locked month
Error messages will be presented when trying to create a new expense with a purchase date in a locked month.
Example of best practice for locking months
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Set a deadline for timesheets to be completed and expenses to be submitted.
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After a “last call for timesheets and expenses” has been issued, lock timesheets and expenses to prevent changes. This will allow invoices to be created from a stable base as well as provide rigor around other controls and compliance.
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Set a deadline for having invoices created, submitted and approved.
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After a “last call for invoices” has been issued, lock invoices to prevent new invoices coming in or changes being made. This provides a stable base for finance teams to complete their month
Of course things don’t always go to plan and you can always choose to unlock a month to allow a late time entry, expense of invoice - you have the power to control that.