SMART Finance News You Can Use

There are two extra Periods built into the Accounting Calendar. Once period 202312 is open, the next period number for FY23 is 202313. This period can be used for fiscal yearend journal entries, including auditor’s adjustments. The last period for FY23 is 202314. This period is for Region 1 use only.  We use this period to do closing entries.  Closing entries zero the expense and revenues, and move the dollars to the fund balances.
 
Note that for periods 202313 and 202314, the GL is the only application that can be set to Open. And, the GL for these periods has to be open before the first period of FY24 can be open which is period 202401.