What's the difference between a project accounting period, an accounting period, and a general ledger period?

Project accounting periods are used to track budgets and forecasts, summarize project amounts for reporting, and track the project status. Project accounting periods are maintained by the business unit.

You can set up project accounting periods to track project periods on a more frequent basis than accounting periods. For example, you can define weekly project accounting periods and monthly accounting periods. If you use the same calendar as your accounting periods, the project accounting periods and accounting periods will be the same, although the statuses are maintained independently.

Accounting periods, which are used to derive accounting dates, are maintained by the ledger and use the same calendar as the general ledger periods. Period statuses for the accounting period and general ledger period are maintained independently.

You can select an option on the business unit definition to maintain common accounting and project accounting periods. This option allows the accounting period to be used as the project accounting period and you maintain only one period status.