Modify Accounting Periods

Explanation

Use this activity to modify information on accounting periods in IFS Applications within a company. The period calendar is connected to the ledgers available for a company and it consists of a main calendar and corresponding calendars for each user group. The accounting periods can only be modified in the main calendar that connected to the general ledger. The modified calendar will be available for all the ledgers. This mandatory task is to be performed by a system administrator or equivalent person.

Prerequisites

This activity has the following prerequisites:

• The company must exist in IFS Financials.
• To validate transactions in progress for an accounting period, the accounting period must have status Open or Closed.
• The calendar should be connected to the general ledger of the company.

System Effects

As a result of this activity:

• User groups can be connected to the periods per ledger.
• The users in the user group can be allowed to enter postings on the accounting period per ledger, i.e., the period is either open or closed for the user group.
• A period which is finally closed cannot be reopened.

Window

Accounting Periods

Related Window Descriptions

Accounting Periods, Validation Transactions in Progress

Procedure

To create a new accounting periods, follow these steps:

1. Open the Accounting Periods window.
2. Query for the existing accounting year for which you want to modify the accounting periods.
3. Select the accounting year that connected to the general ledger of the company. You can use the drop down menu or search option to select the calendar connected to the general ledger.
4. Query for the existing accounting periods. A number of periods are default when a company is created.
5. Create a new record.
6. Enter a period number and description.
7. In the Valid From and Valid Until fields, enter the beginning and end dates for the period.
8. To define a period only for year-end designated vouchers, select Year Opening or Year Closing in the Period Type list. If a period is indicated as a year closing period, an ordinary period cannot be created with a higher number.

Note: To modify an existing accounting period, repeat the steps 1-3 of the previous procedure and modify Description, Valid From, Valid Until and Period Type fields only for the calendar connected to the general ledger of the company.

To open/close accounting periods, follow these steps:

1. Open the Accounting Periods window.
2. Query for the accounting year and the ledger in which you want to open/close the accounting periods.
3. To open, close or finally close a period, select the period, right-click and click either Close period, Open Period or Close Period Finally, as appropriate. When a new period is entered, the  period status will always be Open. (It is possible to open or close multiple periods at a time). Selecting Close Period or Close Period Finally will open the Validation Transactions in Progress window.
4. In the Validation Transactions in Progress window, select Close Period if you want to close the period or Close Period Finally (If transactions which generate errors exist for the selected ledger, the period cannot be closed).
5. Save the changes.
6. If you want to open or close the selected periods for all internal ledgers, select the accounting periods, right-click and click Open Periods for All IL's or Close Periods for All IL's as appropriate. Selecting these option will open the Validation Transactions in Progress window.

Note: To view transactions in progress for one or more periods, the selected accounting periods must have status Open or Closed. To close accounting periods, the selected periods must all have the status Open. To open accounting periods, the selected periods must all have the status Closed. To finally close an accounting period, it must have the status closed.