Add Year End Periods
Explanation
Use this activity to add periods to be used exclusively for year-end designated vouchers. Two year-end period
types exist, Year Opening and Year Closing. The year opening period is the period for opening balances. Only period
0 can be a year opening period. Several year closing periods can be created for the same accounting year. Only one
year end period can be open at a time. Year-end user groups must be connected to the year-end periods.
Prerequisites
- The company must exist in IFS Financials.
- The calendar should be connected to the general ledger of the company.
System Effects
- Budget values in Budget Year Amount will not be allocated to year-end periods through the Allocate
All Year Values action.
- Period Allocations will only be performed to address accounting periods that are not year-end periods.
- When depreciation periods are created in IFS Cloud/Fixed Assets, year-end periods will be excluded.
- If a period is marked as a year closing period, an ordinary period cannot be created with a higher
number.