Can accounts in OneStream be inactive?

The statement that accounts in OneStream can be marked as inactive to prevent usage in transactions is accurate. Inactive accounts allow for better management of financial data, enabling organizations to maintain a clean and organized Chart of Accounts (COA). When an account is set to inactive, it can no longer be used for new transactions or reporting, which is particularly useful for phasing out obsolete accounts without permanently deleting them.

This approach is beneficial for historical reference, as it allows businesses to retain the data tied to inactive accounts for auditing or analysis while preventing any confusion or misreporting that could arise from their usage. Keeping inactive accounts in the system helps maintain a comprehensive view of all accounts that have ever existed, facilitating easier audits and financial reviews.