When using the Open and Close period form within General Ledger you are only able to control a single period at a time.
You can however, select which ledger you wish to control a period for without the need to change responsibility.
You now also have the ability to simultaneously open and close multiple accounting periods.
Simply by creating a ledger set you no longer have to open and close periods for each ledger separately by switching responsibilities.
A ledger set can contain any number of ledgers as long as each of the selected ledgers share the same chart of account and calendar. By virtue of sharing the same calendar, the ledgers will also share the same period type.
You are now able to run any of the following open and close period programs from the concurrent manager to open and close periods simultaneously.
- Open Period - Used to open periods up to and including the specified target period for one or more ledgers
- Periods – Close Period - Used to close a single period for one or more ledgers. Only open periods can be closed. A warning message will appear in the close period program if unposted journals exist.
- Periods – Gapless Close Period - Used to close a consecutive range of open periods for one or more ledgers. This program closes the specified period and all prior periods that are still open.
- Periods – Permanently Close Period - Used to permanently close one or more closed periods for one or more ledgers. To permanently close a range of closed periods, the specified period and any prior periods must have a status of Closed or Permanently Closed.
By controlling multiple GL periods processing efficiencies can easily be gained.
if you use the concurrent programs above, a business can also make use of the various concurrent program options available such as scheduling and building request sets.
Another advantage of this new functionality is the fact that you can now keep periods across multiple ledgers in sync, which is particularly useful for shared service centre operations.