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Add/Edit G/L Accounting Periods
The Accounting Periods Setup is used to set up the accounting periods for each fiscal year. Accounting periods will be set up using one of the following:
Monthly (12 Periods) This option will break down the fiscal year into twelve monthly accounting period with each month as an accounting period.
4 Weeks (13 Periods) This option will give you thirteen accounting periods of four weeks each.
Daily (365 Periods) This option will make each day its own accounting period giving you 365 accounting periods.
User Defined This option will allow you to specify the beginning date of each accounting period so that you can have a user defined number of accounting periods.
The system automatically creates a year-end adjustments period for each fiscal year. Once you have set up accounting periods for a fiscal year, you cannot change the number of periods selected. All future fiscal years must be set up using the same accounting period structure.
To close or lock an accounting period, place a check in the lock column next to the period you want to close. If this box is marked, the accounting period will not appear in the period end date drop down list when running a Trial Balance. No additional data can be updated to an accounting period that is closed. For step-by-step instructions, see the Common System Utilities Transactions.