Period end dates

You select either a 12-month year, 13-month year, 52-week year or a 53-week year. An example of the 13-month year or the 53-week year is an adjustment time where the thirteenth month is only one day. That extra day, a single period, is used to reconcile transactions and ensure that you are ready to move to the next year.

You define a period as either open or closed. If a period is closed, it cannot accept transactions after the close date.