Receivables Accounting Periods

Open or close periods in the accounting calendar to control the recording of accounting information for these periods. Since the objective of Auto Invoice is to create new transactions, the goal is to have these transactions impact open GL periods.

An accounting calendar is made up of accounting periods that control the recording of accounting information into these periods.  The status of the accounting period determines whether or not a transaction entry and journal entry can impact your general ledger.

Following are the valid statuses for a period:

Closed

Journal entry, posting, and transaction entry are not allowed unless the accounting period is reopened. Receivables verifies that there are no unposted items in this period. Receivables does not let you close a period that contains unposted items.

Close Pending

Similar to Closed, but Close Pending does not validate for unposted items. Journal entry, posting, and transaction entry are not allowed unless the accounting period is reopened.

NOTE: Before using the Close Pending status, you must run Revenue Recognition for transactions with accounting rules.

Future

This period is not yet open, but you can enter transactions in this period. However, you cannot post in this period until you open it.

Not Opened

This period has never been opened and journal entry and posting are not allowed. The Revenue Recognition program can, however, create revenue distributions in Not Opened periods, if required by an accounting rule.

Open

Journal entry and posting are allowed.

Responsibility: Receivables Manager

Navigation: Control > Accounting > Open/Close periods