Open Period Accounting is an optional feature that allows you to control whether your Nominal Ledger accounting periods are open or closed for new postings. Accounting periods can be kept open as long as necessary but are normally closed once management accounts have been presented for the financial year. If Open Period Accounting is used, each transaction that is posted in the application has a Nominal Ledger transaction date, which determines the accounting period that is posted to and the period name that is displayed at the time of posting. The period that is posted to can be the current Nominal Ledger period, a previous Nominal Ledger period, or a future Nominal Ledger period as long as the period is open. You also do not need to change the application's system date because the Nominal Ledger transaction date determines which period is updated.
Opera 3 - Open Period Accounting
Open Period Accounting is an optional feature that allows you to control whether your Nominal Ledger accounting periods are open or closed for new postings. Accounting periods can be kept open as long as necessary but are normally closed once management accounts have been presented for the financial year. If Open Period Accounting is used, each transaction that is posted in the application has a Nominal Ledger transaction date, which determines the accounting period that is posted to and the period name that is displayed at the time of posting. The period that is posted to can be the current Nominal Ledger period, a previous Nominal Ledger period, or a future Nominal Ledger period as long as the period is open. You also do not need to change the application's system date because the Nominal Ledger transaction date determines which period is updated.
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