What is the difference between an open and a closed financial period?

An open period is the active period on which accounting transactions are recorded, and it can be edited or deleted. A closed period is one that has been formally closed in the accounting system:

• Its transactions become read-only and can no longer be edited or deleted.
• Upon closing, the system generates three accounting entries: the Profit & Loss entry, the Closing Balance entry, and the Opening Balance entry for the new period.
• A profit or loss amount is displayed for it in both the list and the view screen.