Fiscal Periods in Sage accpac 300

[Maggied]

Hi,
We are currently setup to use 12 periods. I know the adj period is 13 and cls period is 14. I am curios as to what the period 15 is.
In the GLAFS there are some amounts in period 15 for some accounts. What type of transaction would post to 15? Also when they post to the adj period it will go to the cls period 14 instead of 13, is this because the year is already closed and they posted to a pervious year? Just trying to wrap my head around periods 13,14 and 15 for some custom reports.
Hoping someone can shed some light LOL
Cheers
Maggie

 

[DjangMan]

Period 15 is the closing period. You'll see transactions in this 'period' that close out the balances of the income statement accounts to retained earnings.

Very rarely, if ever, will a user post to this period.

Posting a transaction to a closed year will automatically generate a set of closing entries in the closing period.

 

[ettienne]

Adj period is actually 14 and closing period is 15.
Period 13 is a true accounting period, just like period 1 through 12.
In some countries it is common to run 13 x 4 week periods (13 x 4 = 52 weeks and that makes 1 year!).
Hope that helps.


Sage 300 Certified Consultant

 

[Maggied]

Thanks guys. That did help. I thought posting in a closed year regardless if you put it in period 13 adjustment would post it in the
cls period 14.
Ettienne - I knew about the 13 periods but our company is only setup for 12 so it has period 13 as the adjustment period and 14 as the closing period. I just didn't know when it actually hits period 13 when they select period - adj... because someone needed to post an adjustment to a prior year and chose period - adj and it showed in 14 not 13 so I am guessing because its because it was already closed Thanks for all your explanations, I really appreciate it

 

[ettienne]

Period 13 is always period 13 - regardless of your selection of 12 or 13 periods.
Period 14 is always the adjustment period.
Period 15 is always the closing period.
Period.

So your adjustment went to period 14 because period 14 is the adjustment period. Nothing to do with the year being closed.

Sage 300 Certified Consultant

 

[Maggied]

Thanks Ettienne.....the light bulb went on HAHAHA