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Closed: This is the default Status for all new Transactions. While in the Status of 'New' transactions are considered open and all editable fields are open for edit, no posting or approval validations are performed, GL Dates are not assigned, and journal entries are not created. If the transaction was moved back from Approved to New, the GL Date will be assigned and a Journal Entry will exist.   Used to indicate that the record is no longer open to be used on other transactions. Closed records are only visible from inquiries, not list views.