The period locking basis in the Forecasting app is used to determine when a phasing period has passed and been completed.
Your channel's period locking basis will be based on one of the following options, depending on the configuration suitable for your organization:
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System date: A phasing period is locked at the end of the actual date. This option should be used if your organization imports transactions into your Enable channel on the date that each transaction occurs. For example: March would be locked as soon as the system time is 00:00 on April 1st.
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Latest transaction date: A phasing period is locked as soon as a transaction date exists for the next phasing period. This option should be used if your organization imports transactions into your Enable channel after the date that each transaction occurs. For example: March would be locked as soon as there is a transaction in the channel for April.