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A Journal Period refers to the opening and closing of accounts. Journal periods are the opening and closing accounting periods. Usually a periodical reconciliation will be performed at the end of the month at a specific cut-off date with the aim to compare different periods with each other or equal periods over several book years. Therefore a book year or accounting period is divided in equal time portions over a period of 12 months, or even more, depending on your definition of an accounting period. Any journal entry record created in Newyse will be created with a reference to journal period and number based on the configuration in the Newyse Journal Period module.
Journal periods are used to capture journal entries within a predefined period, which is in turn required by bookkeeping system MS Exact to process the journal entries correctly. Other bookkeeping systems may not use these journal periods, but it is a necessity to configure in Newyse.
Configuration
Journal periods are configured once in the system and are therefore applicable for all AOs. They are recorded per transaction and available in the different Maxxton reports (RD, FTR, JR).
In order to configure your journal periods, follow the path below :
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