Manage Accounting Periods
After you begin using Costpoint, use this screen to set up the accounting periods within each fiscal year.
Before you set up accounting periods for a fiscal year, you must set up the fiscal year on the Manage Fiscal Years screen.
You can keep a maximum of three periods open for each fiscal year.
You can add new Adjustment Periods in cases where there are rate corrections. For example, indirect pool rates or audited rates. You can add up to 18 adjustment periods and new periods will be added to the existing fiscal periods.
You can categorize an Adjustment Period to either Interim or Final. One example of interim rates, are those indirect pool rates that you negotiate with the Government, but are not yet audited or finalized. Final rates are those that have been approved or audited for a particular fiscal year or contract.
You can use the Interim and/or Final rates for billing and revenue recognition.
It is possible that revenue for a prior year can change when you apply Final approved rates.