Posting to a Prior Month

[Louise]

I was just re-reading a question by carnd about posting to a current month before closing out the prior month. The answer from Tech Support is pasted below (in red). I am unclear about this process:
"When I close Jan '04, PC will ask if all reports are printed and if a backup has been made. Suppose I do this and advance the date to Feb '04. Now when I finally receive the bank statement and post back into Jan. I suspect that the reports I already printed will have changed. Is this ok - or what am I missing here? Will I be able to make a new backup for Jan once that month has finally be reconciled even though I am now working in Feb? Thanks for your help in this area.

PowerChurch was designed with the idea that you would close your accounting month at the end of the month, then, when your bank statement comes in, you can post any additions or adjustments to the prior month. You can enter transactions for a future month, but you can't post them until you are in that month.

[Matt]

Let me try to clarify. Powerchurch gives you the ability to post transactions to either the current period (i.e. month) or the prior period (previous month) at any point in time (except for year end). Thus, if today your current period in Powerchurch is 0403 (March) you can post to both March and February (period 0402).

However, you should be aware that if you have already run financial reports for the previous period, posting a transaction to the prior month will change those reports. I personally do not post anything to the prior month because I don't want to have to rerun my reports. You will need to decide what's the best business practice to follow in your situation.