Period Lock and Adjustment Policy
Control changes after the books close.
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[VERIFY] is an editorial flag, not a blank to fill. Wherever the prompt shows [VERIFY], check that item against a reliable source before you use it.
Write a one-page policy for locking accounting periods and posting adjustments. Our accounting tool and users: [TOOL_AND_USERS]. Reporting deadlines: [DEADLINES]. Past problems with late changes: [PROBLEMS]. Sections: when a period is locked (after review and sign-off); who may unlock it; when late adjustments go into the current period instead; the approval required by size band (a table: Amount band | Approver | Documentation); how corrections are communicated to anyone who received earlier reports; and the audit trail. Include a decision tree: error found after close - is it material? has the report been shared? does it affect tax? Then correct in the open period, or reopen with approval. Add a request form and a log table (date | item | amount | reason | approver). Give three scenarios with the recommended handling, including a worked example: an invoice error found 10 days after lock, showing who approves, how it is posted, how the original is preserved in the audit trail, and what is told to anyone who received the earlier report. Statutory records may have specific correction rules in [JURISDICTION] [VERIFY]. Keep wording plain. Describe the figures and conclusions as estimates, using only the inputs in this message. Take this as working support rather than accounting, tax, legal or investment advice. Run the results past a qualified accountant or adviser who understands [JURISDICTION] before you depend on them.
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