Can I close my books on a monthly & yearly basis to control changes being made in prior periods?

Yes. You can set the closing date after month end closing process is done.

To set the close date of the books:

From the home page screen

  • Select the Company “Gear” (upper-right-corner)
  • Select “Company Settings” under Settings
  • Select “Advanced”
  • Select “Accounting” tab
  • Select “Closing date” and choose protection level setting
  • Save

Obviously, admin user will need to change this closing date every month.

Accounting Close the books
Accounting Close the books

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