You can segment accounting periods by specifying the start
date and close date of a financial period.
Before you begin
You must define at least one financial period.
About this task
The transactions must occur during an open, valid financial
period. The requirements of the accounting system that you use determines
the format of the financial period.
Procedure
- In the Chart of Accounts application, select the organization
for which you want to define a financial period.
- Select the Financial Periods action.
- In the Financial Periods window, click New
Row.
- Enter the name or number for the period.
- Specify start and end dates for the financial period: If there is no financial period, the current date and
time displays in the From field. If financial
periods exist, the From field displays the
date and time shown in the To field of the
most recent period.
- Optional: Specify a close date. After this date, you cannot charge additional transactions
to the accounting period.
Results
To prevent gaps and overlaps in time between contiguous periods,
if you change the date of an existing period, the surrounding dates
are reset. If you use financial periods, then a financial period stamp
is added to all transactions when they are generated.
What to do next
You use the
Actual Close Date field
to close the financial period.