Financial Reporting
- Reporting Period and Reporting Year
Increment by 1 the value in the Reporting Period field to specify the new default period for financial reports. To close a fiscal year, increment by 1 the value in the Reporting Year field as well.
You can specify a default financial reporting date that is different from the actual accounting period by decreasing the period by 1 or more in the Reporting Period field. This is often referred to as reopening a period and it allows you to generate financial statements for any prior period.
Note: Use the Global Period Close form to
change the financial reporting period and, if applicable, the fiscal year for
multiple companies with the same current period and fiscal year.