Financial Lock Date

The Financial Lock Date feature helps protect historical financial data by preventing users from adding or deleting transactions dated on or before a specified date. It is typically used after month-end or year-end financial processes have been completed to ensure that previously reconciled figures cannot be altered accidentally.

Accessing the Financial Lock Date

To configure the Financial Lock Date:

1. From the main menu, select Admin → Settings.
2. Click Finance.
3. In the Financial Lock Date section on the right-hand side of the screen, enter the required lock date.
4. Click Update to save your changes.

Once a lock date has been set, restrictions will apply to transactions dated on or before the specified date.

Restricted Transactions

It will not be possible to add or delete any of the following transaction types if the transaction date is on or before the Financial Lock Date:

• Bank Transfers
• Bank Receipts
• Bank Payments
• Tenant Transaction Receipts
• Tenant Transaction Payments
• Supplier Transactions
• Local Authority Transactions
• Management Company Transactions

This helps ensure that historic financial records remain accurate and protected from inadvertent changes.

Unmatched Transactions

The Financial Lock Date also affects the Unmatched Transactions Report.

If a transaction date is on or before the Financial Lock Date, it will not be possible to match that transaction to a tenant account using the report.

Rent Assessments

Once a Financial Lock Date has been applied, it will not be possible to create a new Rent Assessment with an Effective Date that falls on or before the lock date.

Best Practice

Many organisations choose to update the Financial Lock Date periodically, for example at the end of each month or financial period, once all bank reconciliations and financial checks have been completed.

Before updating the lock date, ensure that all required transactions and rent assessments for the period have been entered and verified.