6.5.2 Accounting Periods

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 Accounting Period assigned. Accounting periods are set up on a per Legal Entity basis.

Set up your Account Periods

In order to set up accounting periods, you need to enter the following information:

  • Accounting Period Name

  • Valid from date

  • Valid to date

  • Legal entity

Closing your Accounting Periods

Accounting periods should be closed when they are complete. There are two aspects of the Accounting Period which need to be closed:

  1. Invoicing Closed - invoicing closed means Invoices can no longer be assigned to this Accounting Period. This should happen at the end of the Accounting Period when all relevant invoices have been invoiced.

  2. Accounting Closed - accounting closed means Accounting Records will no longer be created for this Accounting Period. Accounting records are created for the earliest open Accounting Period, therefore, each period needs to be closed in order to move on to the next Accounting Period. Only Invoices in an open Accounting Period will be collected. This should happen after all Invoices have been invoiced, Delivery Data imports are complete and Accounting Record Creation Processes have been run, in that order. 

Can I reopen closed Accounting Periods?

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.