General Information about Period Management

What Does This Procedure Do?

In the system you can at the same time have up to three periods open for accounting, unless you use the function Advanced period management, where no limits exist. This procedure is used to change accounting periods. It is also possible to undo a period switch.

There are two methods to use the Period Management; simple or advanced period management. You select between these two methods via the setting Advanced period management under General under the Accounting tab in the Settings procedure in the Global Settings module.

Each separate period in an accounting year can have any of the following modes:

• Open – it is possible to make entries on the period.
• Closed – it is not possible to make entries on the period, but you have the opportunity to re-open the period (only if advanced period management is applied).
• Locked – the period is locked for accounting measures. And it cannot be opened. The exception is if the locked period is re-opened by undoing a period switch.

All printed reports related to an open or closed period are marked "Preliminary".

Simple Period Management

During simple period management, there are two different modes for each accounting period: either open or locked. Three periods can be open for accounting at the same time; the current period and two periods ahead. A new period can only be opened by a period change. The previous period will then be locked for all accounting measures. A locked period cannot be opened for accounting. The exception is when you undo a period switch.

Advanced period management

During advanced period management, the user has greater opportunities to affect which periods in the fiscal year that should be open or locked for accounting.

Each period can be set to one of three possible modes: open, closed or locked. The periods can be manually opened, closed or locked. When switching period, the previously current period will be closed. The number of periods that can be open at the same time is not limited. When using advanced period management, the periods will not automatically be locked. This must be done manually. A locked period cannot be opened for accounting. The exception is when you undo a period switch.

To Do before Switching Period

Before switching periods certain items should be checked. Below you will find a list of what to do:

• Release accrual accounting. If a release has not been performed, when a period switch is executed, a warning appears.
• Release AutoCoding. If a release has not been performed, when a period switch is executed, a warning appears.
• Reconcile the accounts. For example accounts receivable, accounts payable, current bank accounts, etc.
• Perform rectifying vouchers, if any.
• If it is time for the VAT accounting, you print a VAT report in the Print VAT Report procedure.

Checks Made at Period Switch

When you switch period in this procedure, an automatic check is made by the system. This is done to simplify the management for the user, so that important steps are not forgotten before the period switch. The performed checks are:

• Accrual accounting released?
• Vouchers loaded?
• VAT report printed?
• AutoCoding released?
• Scheduled depreciations executed?
• Ledgers printed

If any of the above items has not been performed, a warning appears. The period switch can then be cancelled.

Block Voucher Number Series in Open Periods

Individual voucher number series can be blocked for accounting in one and the same accounting period. You can for example leave the month December to be open as long as it is necessary for manual booking but close the voucher number series of supplier invoices for the same period.

Window Functions

Read more about the Window functions under Window Functions in the MONITOR Basics.