Difference between Inactive and Closed account status
- Knowledge Assistant
What is the difference between Closed and Inactive account statuses?
Account Master
Account Inquiry
Status
Account Status
Accounts that will no longer be used may need to be adjusted to inactive before being closed due to current year activity preventing closing.
Closed:
Can only be designated if no activity posted to it in the current year
Site can close a MY LTD account regardless of current year activity
Will be included on reports unless specifically excluded during seg find/Search
Without the GL Permissions to Allow access to Closed accounts, users cannot enter or post transactions against the accounts.
Will not be included when generating a budget projection
Inactive:
Can be designated any time in the fiscal year, even with current year transactions
Without the GL Permissions to Allow Posting to Inactive Accounts, users cannot post transactions against the accounts.
Will be included on reports unless specifically excluded during seg find/Search
Can be included on Budget projections