Open and close accounting periods to control journal entry and journal posting, as well as compute period-end and year-end actual and budget account balances for reporting.

You can open and close accounting periods in two ways:

• The Open and Close Periods window

• The Open and Close Periods programs

If you have Ledger Sets defined, you can open and close periods for multiple ledgers in a single process using the Open and Close Periods programs.

See: Open and Close Periods Programs.

Accounting periods can have one of the following statuses:

Open: Journal entry and posting allowed.

Closed: Journal entry and posting not allowed until accounting period is reopened. Reporting and inquiry allowed.

Permanently Closed: Journal entry and posting not allowed. You cannot change this period status. Reporting and inquiry allowed.

Never Opened: Journal entry and posting are not allowed. General Ledger assigns this status to any period preceding the first period ever opened in your calendar, or to any period that has been defined, but is not yet future-enterable. You cannot change this period status.

Future-Entry: Journal entry is allowed, but posting is not. Your period is not yet open, but falls within the range of future-enterable periods you designated when defining your Ledger. You cannot change this period status without using the concurrent process to open the period.

You can open new accounting periods, close accounting periods, reopen closed accounting periods, and open an encumbrance year (if you are using encumbrance accounting).

If you are using the secondary tracking segment with the Closing and Translation option enabled, General Ledger processing is affected. See: Secondary Tracking Segment