About Accounting Periods

While General Ledger does not post summarized information to the financial period buckets, complete detail of the transactions is maintained. Accounting periods are for visually grouping transactions only, and must be set up on the Accounting Periods form before transaction posting is processed.

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.

Note: The period record does not need to exist in the subordinate site for updates to take place in a financial entity. This is because both sites and financial entities are allowed to delete periods, and the financial entity may have a period record that one of its subordinate sites does not.

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.