Accounting Periods are the fundamental data element that captures accounting transactions in the given time. Every calendar day in a fiscal year must be a part of one, and only one, Accounting Period, meaning there can be no gap in days between a prior period’s End Date and the next period’s Start Date.
- Navigate to Accounting Home and click the Accounting Period under the Accounting setup Menu.
- Click new will popup below screen.
Accounting Period Name: The name of the accounting period, this should be in the format of YYYY-MM. The month value must be between 01-12
Start Date: Start Date of the accounting period. Normally first day of the month
End Date: End date of the accounting period. Normally last day of the month
Status: Open status means any transactions can be created in this period. If closed it will give users an error when they try to generate the accounting transactions against that period. Closing an accounting period will kick off end of the month tasks.
