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#46363 - 09/26/12 10:23 AM Adjustment Period versus Closing Period
Seisa Tjela
Member


Registered: 03/21/05
Posts: 630
Loc: Lesotho; Southern Africa
I have realised that the ADJ and CLS periods appear in certain GL reports but not in Financial Statements. For example, these periods would appear in Trial Balance but not in Income Statement.

What is the significance of using the ADJ period when posting GL transactions and what is its effect in reporting?
_________________________
Rgds,
SeisaT

"The greatest test of courage on earth is to bear defeat without losing heart."

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#46364 - 09/26/12 10:31 AM Re: Adjustment Period versus Closing Period [Re: Seisa Tjela]
Ettienne
Member


Registered: 06/28/02
Posts: 3680
Loc: Orlando, Florida USA
FYI... you can include adj period amounts in FR by using a formula and including period 14.
The adjustment period is used for year end adjustments that should not affect the normal accounting periods 1 through 12 (or 13) financial reporting. I can't think of a good example, but abnormal accounting adjustments will be done in the adj period.
Anything that should appear on financial reports must be done in the normal accounting periods.
And don't post anything in the closing period... EVER. I had one client do that and and he wondered why his reports were all screwed up.


Edited by Ettienne (09/26/12 10:33 AM)
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Sage 300 ERP Certified Consultant

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#46365 - 09/26/12 12:00 PM Re: Adjustment Period versus Closing Period [Re: Ettienne]
Seisa Tjela
Member


Registered: 03/21/05
Posts: 630
Loc: Lesotho; Southern Africa
Thanks Etteinne. I think you explained it well and I understand the concept.
_________________________
Rgds,
SeisaT

"The greatest test of courage on earth is to bear defeat without losing heart."

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