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.