How can we stop practice of reopening prior periods in the General Ledger for late journal postings?

Summary:

Hi Experts,

Our current practice involves reopening prior periods in the General Ledger to accommodate late journal postings or correction entries required to amend previous figures. I would like to understand whether this approach is commonly followed across financial institutions utilizing ERP systems, or if there are alternative methods to address such requirements. Based on my experience with a few financial organizations, reopening prior periods is practiced with appropriate approval policies in place. However, I am seeking insights into alternative approaches or suggestions for better management of such scenarios.

Regards,

Ankit