Final answer:
It is true that one must have the correct permission level to change a transaction in a closed period to ensure the integrity of financial records.
Step-by-step explanation:
The statement that you must be set up with the correct permission level to change a transaction in a closed period is true. In accounting and financial software systems, closed periods are those where the financial results have been finalized and usually locked to prevent changes that could affect the accuracy and integrity of financial reports. To modify any transactions within a closed period, a user typically requires higher-level administrative permissions or must go through a process to temporarily reopen the period, which is controlled by the organization's internal controls and policy. This is a safeguard to ensure that any adjustments made after a period has closed are legitimate, necessary, and accurately recorded.