I just went to AM-A and to my surprise found the close date reads 4-1-2006.
Knowing that it should read the first date of our current year....4-1-2007,  and I  immediately wondered if there had been any adverse effects.
 
However I found where Lynn had told someone:    
        Further, the AM-A Close date should certainly be set at something  
        newer than 2004.  It should be set to the first day of the current month
         to prevent undesired backdated postings in any module.
Am I correct in intereperting this to mean that the close date only serves to prevent posting to a previous period,  and this is the only possible adverse effect?
 
Thanks

On a some what related subject.............we just upgraded to EVO and every things seems to be going fine other then randomly our fiscal period beginning date resets itself to 1/1/05 when it should be 1/1/08, when we try to enter labor or issue materials to a work order it says the date must be in the current fiscal period.  If I go into AM-A or AM-N and try and change the beginning date back to 2008, it just reverts back to 2005!  Please help as we really cant do anything with these dates being incorrect although all the data is correct for 2008 but for some reason keeps saying 2005.