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Excerpt

Released: This status is the default Status for all new Transactions. While used to signify that the transaction is ready to be released to production. While in the Status of 'New' transactions are considered open and Released', 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.