Previous	Next		Contents	Index	Glossary	Library

Open and close periods for each separate inventory organization independently. By having only one open period, you can insure your transactions are dated correctly and posted to the correct accounting period. (For month-end adjustment purposes, you can temporarily hold multiple open periods.)

The accounting periods and the period close process in Cost Management use the same periods, fiscal calendar, and other financial information found in General Ledger.

Inventory and work in process transactions automatically create accounting entries. All accounting entries have transaction dates that belong in one accounting period. You can report and reconcile your transaction activity to an accounting period and General Ledger. You can transfer summary or detail transactions to General Ledger. You can transfer these entries to General Ledger when you close the period or perform interim transfers.

When you transfer to General Ledger, a general ledger (GL) batch ID and organization code are sent with the transferred entries. You can review and report the GL batch number in General Ledger and request Inventory and Work in Process reports by the same batch number. You can also view general ledger transfers in Inventory and drill down by GL batch ID into the inventory and WIP accounting distributions.

Note: Purchasing holds the accounting entries for receipts into receiving inspection and for deliveries into expense destinations. This includes any perpetual receipt accruals. Purchasing also has a separate period open and close, and uses separate processes to load the general ledger interface.

See Also