Multi-period Processing

You can process information and review reports in multiple accounting periods at one time.

For example, you may need to post timesheets and process payroll in a new accounting period before you have completed processing all of your financial statements for the preceding period. Some enterprises perform multi-period processing only at year end, when they need extra time to close the prior fiscal year, but also need to keep up with current activity.

Each time that you process any accounting transactions, such as data entry transactions, accounts payable payments, revenue generation, or final bills, DPS stamps the file with the fiscal period and year in which it was posted. All posting and processing updates occur in the period in which you are performing the task. The dates in the posting file or processing run do not determine which period is affected.

Each time that you log on to DPS, you can choose the accounting period in which to process or review data. As you work, you can change from one period to another. You can also set up DPS to open in the current period whenever you log in. Your security settings determine whether you may open or close periods and whether you can process or review information in prior or closed periods.

Open a New Period

To open a new accounting period, use Utilities > Periods > Period Setup. This utility lets you modify both accounting and fiscal periods. When you open a new period, the current period becomes the prior period.

Close a Period

To close a period, use Utilities > Periods > Period Setup. You do not have to close a period, but it is a good practice to do so after you process all data and print all reports for the period.