XBert Type: Standard
Accounting Software: Xero, MYOB, QuickBooks
Country Restriction: All regions
Risk Type: Other Risk
Business Function: Bookkeeping
Overview
This XBert identifies when financial lock dates have not been set in your accounting system. Lock dates prevent back-dated changes to already closed reporting periods, helping maintain the accuracy and integrity of financial data.
What it does
XBert checks if either of the following fields are missing (NULL) in your financial settings:
Period Lock Date (typically prevents changes from all users except advisors)
End of Year Lock Date (prevents changes for all users)
If one or both are missing, this XBert will trigger to alert you.
Why it matters
Lock dates are essential for:
Preventing unintended or unauthorised changes to closed periods
Ensuring reliable financial and tax reporting
Avoiding discrepancies during audits or reconciliations
Without lock dates, historical records can be modified, potentially invalidating tax filings, financial reports, and decision-making data.
Example/Use Case
A business owner finalises the year-end accounts and prepares a tax return. Later, a team member unknowingly edits transactions from the closed period. The result? The business shows higher profits than what was reported to the ATO.
In another case, a bookkeeper completes Q2 reporting, only for a late invoice to be added to Q2, changing the GST payable total. This results in time-consuming corrections and potential compliance risk.
Both cases could have been avoided with properly configured lock dates.
Accounting software
Xero, MYOB, QuickBooks
Which countries it supports
All (with specific lock date logic most applicable in AU)
Processes
This XBert falls under Bookkeeping Services > Month-End.
To resolve:
In your accounting software, go to Organisation Settings > Advanced Settings > Financial Settings
Set:
A lock date for all users (e.g., after tax lodgement)
A lock date for non-advisors (optional tighter control)
Revisit these settings regularly after each tax or reporting period
Set your lock dates to avoid further data changes in prior periods. If you’ve already finalised your quarter or year, do this immediately to avoid risk of non-compliance or incorrect financials.