Difference between Inactive and Closed account status

Owned by Knowledge Assistant
Last updated: May 24, 2023
1 min read



Description of Issue

What is the difference between Closed and Inactive account statuses? 



Context

  • Account Master

  • Account Inquiry

  • Status

  • Account Status



Cause




Resolution

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



Additional Information