Period Statuses
The status associated with a GL period determines what kind of activity can take place. A period can have one of four assigned statuses:
Open
This is the normal period status and applies when no closing date has been set for the period. Transactions are normally posted during open periods, except when the period has been closed and re-opened. The closing date for the period is automatically set once you begin the process of closing the period. Some entities within a domain may need to keep a GL period open for longer than other entities in the same domain.
Closed/Locked
This status applies when the period is subject to a monthly closing. You can close a GL period for one entity and leave it open for all other entities in the same domain. You can unlock a GL period if more transactions need to be processed for that period.
Reported
The Reported status applies to a period for which Monthly Closing has been successfully run and reported. You can reset a reported GL period to a different status.
Frozen
When you run Year End Closing, the Frozen status is automatically applied to all GL periods in the year. A Frozen period cannot be reopened.