Resolve Lease Asset Modification Error: “The Transaction Date You Specified Is Not Within the Date Range of Your Accounting Period”

Scenario

User modified a Lease Record dated on a closed period but Lease Modification’s effectivity date is on an open period. When they click Modify Lease Record Button, User gets the error: “The transaction date you specified is not within the date range of your accounting period”. 

Solution

Open the Closed Period

1. Navigate to Setup > Accounting > Manage Accounting Period
2. Click the Checklist icon for the period
3. Period Close Checklist: click Go to Task icon
4. Click Reopen Period
5. Justification: Enter reason for reopening period
6. Click Reopen Period 
   Note: Review the warning text to make sure you understand the following:
   • If you reopen the period, you may need to redo checklist tasks to close the period
   • Any later closed periods are automatically reopened and you may need to redo checklist tasks for those periods as well before you can close them
7. Click OK in the warning dialog
   Note: The justification text is saved in a user note.

Change the Accounting Preference to Allow Transaction Date Outside of Posting Period to Warn or Allow

1. Navigate to Setup > Accounting > Accounting Preferences 
2. Allow Transaction Date Outside of Posting Period: Select Warn or Allow
3. Click Save