Close Period
Explanation
The period calendar in
Accounting Rules consists of a main calendar and calendars for each user group
per ledger. Each period is either open, closed or finally closed for accounting.
If you close a period to a user group, it is closed to all users in the group.
If you close a period in the main calendar, it is closed to all users in all
groups. Following are methods for using accounting periods:
- To eliminate incorrect postings, block future periods.
Open them again when you want to use them.
- After you enter all vouchers in a period, you can
close it to certain user groups but leave it open to those who reconcile
periods.
- After you close a period entirely, you close it to
all groups in the main calendar. The program checks that all the period
transactions are updated. If there are vouchers in the hold table, they
must be updated before the period can be closed. You can reopen a closed
period to enter more vouchers in it. The new transaction can affect the
period reconciliation.
- If the period closing method for the company is
Not Reversible, once an accounting period is closed, it will be possible
to finally close the period.
Prerequisites
Before closing an accounting
period of a ledger, the following must have been completed:
- All vouchers concerning
the period must have been updated from the hold table to the respective
ledger.
- Errors should not exist in
Validation Transaction in Progress dialog.
- For a period to be available to be finally closed,
it should have the status Closed.
System Effects
As a result of this activity, no postings can
be posted on the period. After a period is finally closed, it cannot be reopened.