An accounting period is the time range during which business transactions accumulate into financial statements. Most businesses use a month for their internal accounting period. In such cases, the expenses and income made in a particular month are taken into account by the end of the month or by the beginning of the next month, and the books are closed.
If an expense occurs during a certain accounting period but isn't accounted for before closing the books, it needs to be accounted for the next month. Otherwise, the expense goes unaccounted for and can result in inaccuracies.
For example, imagine that your business has an expense from May 1 that wasn’t posted on QuickBooks Online during the accounting period of May 1-31. You’d like to post the transaction now, but the current accounting period is June 1-30. The accounting software may fail to add the past expense to the current accounting period. To avoid failure, Expense Management will shift the date of the May 1 expense to June 1.
In the Accounting integration page, go to the Configurations tab then select the Advanced settings section.
Switch the Post entries in the next open accounting period toggle on.
Select the Save button at the bottom of the page to finish.
Once enabled, expenses from any previous month that weren’t exported during their accounting periods will be posted on the first day of the current accounting period.
If you need further assistance, reach out to our support team at support@capitalone-fylehq.com.