Using Period 13 for Close Year "GLO" Transactions

unknown

Hello,

I am looking for advice on the proper use of Period 13 and whether or not there are any recommendations for or against the use of Period 13 when processing the "Close Year" (tfgld6203m000) session. We have been using period 12 but we are in the process of implementing a new reporting software that is picking up the GLO transactions created by this session and it is giving us some junk data in Period 12. Is it ok to use Period 13 for this purpose? What are potential unintended consequences of using Period 13 instead of Period 12?

Thanks in advance!

unknown

Hello RPeralta,

Period 13 is used for close year transactions. Before we do close year, we run Automatic Balancing of P&L. So this process transfers all the balances of P&L account to retained earnings account. Which gets carried forward to next year. 

So if we do Automatic balancing in period 12, then we you see TB for period 12, all P&L A/cs will show balance zero. So thats the reason we have concept of period 13. Also ideally, no manual transactions should be done in period 13. 

Further when you do close year, batch will be created in first period of subsequent year for carrying balances to next year.

Based on information provided by you, seems like everything is being done in period 12, so data is appearing junk.

Hope this information helps.

Note: Any action based on above recommendations should be done in TST or Quality environment first. If satisfied with the results, then do the steps in PROD/PRD environments.

Regards,

Rajesh Loya

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