What happens when you Freeze a Period
After you have completed your Month/Year End Checklist
Admin > Close Books > Freeze Period (In this example, Freezing the books for 12/31/2017) Select Continue
When Freezing the Period no Ledger Activity takes place. However, only employees with the ability to effect a frozen period are able to create activity in that date range(see personnel access article)
Run Trial Balance
Notice the ledger accounts are still holding values.
What happens when you Close a Period
After you have completed your Month/Year End Checklist
Admin > Close Books > Close Period
Select Continue
Closing makes automatic postings to Retained Earnings. To see them, run the Reports > Accounting > Account Inquiry for
the closing date.
This Report can be Export to a spreadsheet and Sort by Name/Descr to see all the entries:
Notice that these automatic entries simply zeroed the balances in the Sales, Purchases, and Expense
accounts.