Hi,
effectively: Nothing. From a user point of view. The only thing is that:
- all prior acounting periods must be closed already,
- the accounting period is closed,
- when you post into this period, all new entries are marked as "prior-year entry".
So, closing an accounting period dosn't prevent a user from posting into it. This must be ensured by setting the "posting allowed from" and "posting allowed to" date fields, in the G/L setup and (if diferent for a certain user) in the user setup.
with best regards
Jens