Accounting period is the account year applicable for financial entities. Within an enterprise different financial entities can have different and multiple account period. Some financial entities can operate as 1st Jan to 31-Dec as the accounting period where as some other can have 1st April to 31st March.
Each financial accounting year are further divided into smaller period. Period is typically a month and starts on the 1st date of month spanning till the end of the month. However it is possible to define any other date as the starting and ending of the period.
Period can be grouped into quarter and quartet, by specifying in the period master. This can be used in analysis the timelines in the data.
Vision ERP comes pre-confiured with period and accounting period as per prevalent standard applicable in country of enterprise.
Same financial entity can have multiple year closer one for legal purpose and another one for company internal performance tracking.
Each period can be closed once all entries of the period is completed so that there are no more entry done in that period. It is also possible to close period for different modules for further fine-grained control.
In the period it is also possible to specify a processing date. System does not allow to do entry before processing date.