What is use of AP Accounting Periods?
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Answer Posted / nisha
Accounting periods are the periods in which you perform
your operations.Accounting periods are closed so as to
ensure that no accounting entries can be passed in that
period after they are clsoed.Suppose you have issued your
results without closing your accounting periods and then
you chnage some entries in that period thus in turn
misleading the public at large.So it is important to close
your accounting periods.Also, if accounting periods in Ap
are not closed it shall not allow you to run GL.Prior to
closng the periods it is important to ensure that all your
invoices are validated and no hold exists on any one of
them.If hold exists it shall not allow you to run GL.
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