Accounting Periods are a very flexible object to sort and link your financial information. They are used to support interfaces to third party accounting systems like SAP FI, Navision, Oracle or any other Accounting / Financial solutions.
Accounting Periods denote a certain period of time (eg a month) and are used to link revenue and cost to that particular time period. In order for an invoice to be processed as part of the Accounting Processes, it needs to have an 6.5.2.1 Accounting Period assigned. Accounting periods are set up on a per Legal Entity basis.
In order to set up accounting periods, you need to enter the following information:
Accounting periods should be closed when they are complete. There are two aspects of the Accounting Period which need to be closed:
Yes, if you prematurely closed an Accounting Period and need to reopen it for invoicing or Accounting Record creation, you can simply set the fields to false and continue with the required processes.