Using the Invoice Lock Date in Matters.Cloud

Using the Invoice Lock Date in Matters.Cloud

Introduction

In this knowledge base article, we'll guide you through the steps of setting an invoice lock date within the platform. The invoice lock date is designed to maintain the integrity of your financial records. By setting an invoice lock date, you can ensure that no new invoice drafts can be created for periods that have already been closed, preventing any new financial transactions from being added to prior periods.

Setting the Invoice Lock Date

1. Navigate to Setup > Settings:
  1. Log in to your Matters.Cloud account.
  2. Go to the Setup section.
  3. Select Settings from the menu.
  4. Locate the setting called Invoice lock date
  5. Choose the desired date from the calendar.
  6. Click Save to apply the lock date.
Note: This invoice lock date should be the cut-off point which no new invoice drafts can be raised either before or on the date selected.

Impact of the Invoice Lock Date

Once the Invoice Lock Date is set:

New Invoice Drafts:
Users will be restricted from creating new invoice drafts for any date on or prior to the lock date.

Existing Drafts:
If a draft invoice has already been created for a date on or before the lock date, and you subsequently set the lock date, a warning message will appear when viewing the draft invoice and the user will be required to update the date of the invoice prior to marking it as complete, or sending via email.

Managing Existing Drafts with a Lock Date

Warning Message for Existing Drafts

When attempting to view a draft invoice that falls on or before the set lock date, the system will display a warning message indicating that the invoice date is restricted by the current lock date setting.

Restricted Actions on Existing Drafts

For any draft invoice created on or before the lock date, the following actions will be restricted until the invoice date is updated to a permitted date:

  1. Marking the Invoice as Complete:

    • The option to mark the invoice as complete will be disabled.

  2. Sending the Invoice via Email:

    • The ability to send the invoice through email will be blocked.

Updating the Date of the Draft Invoice

To proceed with restricted actions, users must update the invoice date to a date after the lock date. Here’s how to update the invoice date:

  1. Open the Draft Invoice:

    • Navigate to the draft invoice that needs date adjustment.
    • Click on the invoice.
  2. Change the Invoice Date
    • Locate the date field within the invoice details.
    • Update the date to a new date that is after the lock date.
    • The system will refresh the screen accordingly.

  3. Proceed with Actions:

    • Once the date is updated, you can now mark the invoice as complete or send it via email without any restrictions.

Best Practices

  • Regularly Update the Lock Date:

    • As financial periods close, ensure the lock date is regularly updated to reflect the latest closed period, maintaining financial integrity.

  • Communicate Changes:

    • Inform all relevant team members about the changes to the lock date to prevent any confusion or delays in processing invoices.

  • Monitor Drafts:

    • Regularly review draft invoices to ensure they are updated and processed timely, especially when lock dates are updated.
By using the Invoice Lock Date feature in Matters.Cloud effectively, you can safeguard your financial records and ensure compliance with financial period closing procedures. This feature is a valuable tool for maintaining accuracy and consistency in your financial management practices.