What is the difference between “Closed Periods” and “Financial Periods”?

The two features serve different purposes:

• Closed Periods: An accounting lock that prevents adding, editing, or deleting any transaction dated within the locked period, without generating any accounting entries. Its purpose is to protect data from modification after it has been reviewed.
• Closing a Financial Period: A full accounting close at the end of the period, which generates the three accounting entries (Profit & Loss, Closing Balance, and Opening Balance) and opens a new financial period.