Adjustments and Other Special Periods
You can have as many adjustment periods (up to 3 digits) as necessary to capture adjustments according to your business practices. Define these adjustment periods on your detail calendars. For example, you can set up adjustment periods to capture adjustments for different parts of the year: one to capture adjustments for the first half of the year, one for the second half of the year, and one for the full year. You can set up adjustment periods to capture different types of adjustments: one for supervisor-related adjustments to that supervisor's department journals, one for adjustments based on internal audits, one for adjustments based on external audits, and one for adjustments related to a tax authority.
General Ledger maintains the following special periods that are not stored in normal calendar periods, so that they do not distort the period-to-period or year-to-year results. You can include them when you run reports, inquiries, or other processes such as summary ledgers.
| Term | Definition |
|---|---|
|
Period 0 |
Use to store the balance forward amounts or the balance at the beginning of each year. For balance sheet accounts, this represents the opening balance. Although normally zero for profit and loss accounts, this period can contain inception-to-date totals for the ChartFields that you specify on the P/L Roll Forward Options page in your closing rule. General Ledger updates this period only during the closing process. |
|
Period 998 |
Use to store adjustment entries. You can create other adjustment periods to use instead of, or in addition to, the default adjustment period. Indicate an adjusting entry when you enter journals by selecting the Adjustment Entry check box on the Journal Entry - Header page. |
|
Period 999 |
Use to store the results of year-end closing. The year-end closing entry to book the current year net income to retained earnings is posted here. General Ledger updates this period during the closing process only. |
Note:
Set up adjustment periods sequentially—for example, 901 through 912, corresponding to accounting periods 1 to 12.