Modify Accounting Periods

Explanation

Use this activity to modify information on accounting periods in IFS Applications within a company. The period calendar consists of a main calendar and corresponding calendars for each user group. 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.

System Effects

As a result of this activity:

• User groups can be connected to the periods.
• The users in the user group can be allowed to enter postings on the accounting period, 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 perform this activity, follow these steps:

1. Open the Accounting Periods window.
2. Query for the existing accounting periods. A number of periods are default when a company is created.
3. Create a new record.
4. Enter a period number and description.
5. In the Valid From and Valid Until fields, enter the beginning and end dates for the period.
6. 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.
7. To open, close or finally close a period, select the period, right-click and click either Close GL period, Open GL Period or Close GL Period Finally, as appropriate. When a new period is entered, the GL period status will always be Open. (It is possible to open or close multiple periods at a time). Selecting Close GL Period or Close GL Period Finally will open the Validation Transactions in Progress window.
8. In the Validation Transactions in Progress window, select Close GL Period if you want to close the period or Close GL Period Finally (If transactions which generate errors exist, the period cannot be closed).
9. Save the changes.

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.