After each month end close, your inDinero team will lock your books to prevent any changes. Retroactive edits to transactions, journal entries, bills, and invoices can affect tax returns. In fact, sometimes changes can even create a misrepresentation of your financials in the eyes of taxing authorities which could result in fines.
If you find that you cannot edit something or notice the padlock icon (see below) next to anything in your inDinero dashboard that means the time period for that data has been locked.
However, you can still make certain edits to locked time periods. Here’s an outline of what you can and cannot do to the data within a locked time period:
Can you unlock my books so I can make changes?
In most cases, your account manager can make the changes for you to ensure proper accounting practices are upheld. Given the proper info about the expense, we will be able to categorize everything accurately for you and avoid any possible negative side effects associated with altering closed books. Remember, tax compliance is complicated—that’s why you hired us.
You will need to share the dates, amounts, and categories that need to be changed as well as the reason behind your requested changes. Your team will review the list and come up with questions if necessary. So, expect some back and forth communication about any request to change information within a locked time period—especially if you’re looking to make a change to a prior year’s books.