Setup Calendar Accounting Periods

Tags:

ap2 create new tag

Transaction Description

Transactions are made in open accounting periods. Period statuses may be ...

• Never Opened
• Future
• Open
• Closed
• Permanently Closed.

When a period is first defined, the status is Never Opened, and transaction processing is not allowed. Once you change a period's status to Future or Open it cannot revert to Never Opened. AP periods are similar but separate from General Ledger periods, and the sub-ledger periods can have different open/closed statuses than the General Ledger period.

Period Status Definitions

Future

Invoice entry and accounting is allowed in a Future period. However, transferring accounting entries to the General Ledger application is not allowed if the accounting date is in a future period. Payment entry or payment voiding is not allowed in a Future period. The Future Periods field in the Financials Options setup form provides a limit to control the maximum number of Future Periods. When you change the status of a Future period to Open, you cannot change it back to Future.

Open

Record and account for transactions in an Open period.

Closed

Transaction processing is not allowed in a Closed period. A closed period may be reopened if the corresponding general ledger and purchasing periods are also Open. A period with any of the following conditions may not be closed...

• Accounted transactions have not been transferred to general ledger.
• Future dated payments where the maturity date is on or before the current date and the status is Issued.
• There are unaccounted transactions
• There are unconfirmed payment batches.

Permanently Closed

Transaction processing is not allowed in a Permanently Closed period, and a Permanently Closed period may not be reopened.

Control Payables Periods

List of Fields

• Ledger
• Period Status
• Period Number
• Fiscal Year
• Period Name
• Start Date
• End Date

Comments

Links

• Related: AccountsPayable, AP12SetupOptionsFinancialsOptions

This Topic Is Referenced By These Topics:
Related Links:

---

---

Was This Topic Useful to You?

Others rated this topic as shown. Please include your rating.

Choice

Select ...Very UsefulSomewhat UsefulNo OpinionNot Useful

Somewhat Useful (1)

Collaborating Authors and Reviewers: -- DianeMcHugh, JimCrum