Opening a New Period
When you open a new accounting period, General Ledger prepares the new period for journal entry. If you open a new period when average balance processing is enabled, the system also:
- Populates the aggregates table. PTD, QTD, and YTD aggregate balances are created for each balance sheet account. As transactions are posted throughout the period, General Ledger updates these aggregates, using the transaction effective date to determine which daily balances to update.
- Initializes aggregate balances. PTD aggregates are set to zero. QTD and YTD aggregates are only initialized if the new period is the beginning of a quarter or a year, respectively. Otherwise, the ending QTD and YTD aggregates from the previous period are carried forward as the beginning balance of the new period.
When you open a new year, General Ledger rolls net income forward. The beginning balance of retained earnings is set to the sum of the prior year's ending balance, plus the ending balance of the non-postable net income account.
