About Accounting Periods
The accounting periods are used to group the following financial data by date:
- Budgets & Plans
- G/L Transactions
- Journal Transactions
- G/L Compression
- G/L Posting
- Financial Statement Reports
- Account Balances
Various General Ledger functions access the accounting period dates. In these functions, either the system prompts for the dates or the system uses current period's dates. You are responsible for maintaining the current period number.
Sites that report to financial entities cannot add or do the Monthly Update or Quarterly Update activities. They can only update the current period, delete the period record, or do the Current Period Update activity.