Accounting Period

Overview

The Accounting Period defines the accounting year and periods where transactions will post in the General Ledger and Labor Ledger. Accounting periods usually correspond to fiscal year calendar months - 01 = July, etc. There are 4 special accounting periods:

• Period 13: to support year end processing
• CB (Cumalitive Balance): Accounting period used when loading project to date actuals and budgets to support project to date reporting
• BB (Beginning Balance): Accounting period used when beginning balances are loaded
• AB (Annual Balance): Accounting period used to track the running total for the year. 

Accounting Period

The Accounting Period table is populated each year with the FiscalYearMakerJob, so you will not normally create new values, but will most likely edit existing values. Following are the fields that require additional description: 

• Fiscal Period Code: Fiscal Period codes values are as follows: 
  • 01-12 - and correspond to a July-June fiscal year, typically, 01=July; 02=August, etc. You can change the values to represent a calendar year, however, General Ledger and Labor Ledger lookups will continue to display fiscal year periods. 
  • AB (Annual Balance)
  • BB (Beginning Balance)
  • CB (Cummulative Balance)
• End Date: The last day of the university fiscal period. If the End Date is different than the last day of the month, the University Date table will also need to be updated to correspond with the Accounting Period. 
• Open and Close Dates: Complete these fields if you would like the openCloseFiscalPeriodJob to open and close your accounting periods via batch. For more information refer to Open/Close Fiscal Periods Automatically.
• Adjustment/Accrual Voucher Default Reversal Date: The reversal date that will default on the Adjustment/Accrual Voucher when Accrual is selected.