How Accounting and Project Accounting Dates are Determined

Accounting and project accounting dates are determined based on various factors including the status of accounting and project accounting periods.

Typically, here's how accounting and project accounting dates are determined if the accounting and project accounting periods are the same:

If the periods are active on the transaction date, the transaction date becomes the accounting date and project accounting date.
If the periods are inactive and if there are future enterable periods, then the start date of the earliest open or future enterable accounting period and project accounting period become the accounting date and project accounting date respectively.
If the periods are inactive and there are no open or future enterable periods, it results in an error.
The derived project accounting date must be in the accounting period. If it isn’t, then the project accounting date is derived as the start date of the first project accounting period within the derived General Ledger period.