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.
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