Thank you for your reply.
Most corporates I know do their management reports on a monthly basis (Profit and Loss, and Balance sheet). Once reporting has been done for a specific Month/Period, say January 2018, the month/period should be locked to prevent users from erroneous/un-authorized postings to those periods, which would alter the already reported numbers.
It should still be possible to print reports from a locked/closed period, but making entries into it would be restricted and controlled.
Take for example 2018, I would lock Jan, Mar, Apr, May,Jun, Jul, Aug,Sep,Oct,Nov, and Dec; but leave February open. This would ensure that at this time, all transactions are being entered into February 2018 and so will affect only February reports.
I hope I have explained properly, this is a very important feature.