Period Master Definition contains the period from the year of installation to the current year. After selecting year it will display 12 months of the selected year. User can close single, multiple or all month transaction by clicking on the close button from the drop down.
After closing user can not make new as well as can not modify any entry for that closed period, but can view all the transaction of the closed months in browsers and reports. As soon as new year starts then in Period drop down the current year will automatically be displayed and the procedure mentioned above can be performed to close any transaction.
(Path: Definitions→Advanced→ System→ Period Master)
