How far into the future should you create Accounting Periods
AnsweredI have a client who is really struggling with the application not allowing to close the period by module - (AP, AR, GL etc). They are asking if there is any impact of NOT setting up the next Accounting Period until the Controller is ready to close the current period and create the next period. I have recommended this is probably not the best practice but they are looking for concrete reasons to support the recommendation.
Anyone like to give it a shot?
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I agree that's probably not best practice. Most companies can't close one month quickly enough to not lose information for the following month if it's not open until the preceeding month is closed.
What is it they're trying to restrict?
You could set up custom permission sets and validation rules to grant/deny posting access to particular periods or modeules (like AR/AP) based on custom flags you put in place on the periods.
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They are trying to ensure transactions such as Sales Orders and the allocations for lets say January SO's post to January even though it is Feb 2nd today. At the same time they are concerned that February transactions could get posted to January inadvertently because both periods are open.
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