Posting Period in SAP Business One

What is Posting Period?

Posting period is used by the Accounting department to control transactions per period, thereby preventing incorrect transactions from entering the period. And also to determine when the closing period is carried out and used to post sales documents and produce financial reports.

Purpose of Posting Period?

The purpose of this posting period is to close the transaction period, so that no more transactions can be carried out in that period. Where at the end of the month an accountant will usually validate all transactions that have been made and make certain adjustments.

How to change the period status to "Close" in SAP Business One?

To set the posting period, in SAP Business One you can go to the menu:

Administration > System Initialization > Posting Periods > Click the “New Period” button

The following are the fields that must be filled in when posting period, including:

1.              Period Code: code that will be used to determine identification.

2.              Period Name: The name of the period to be used

3.    Sub Period: This Sub Period section must be set for the period that will be used by your company. This Sub Period has 4 categories, namely:

·        Year : The period will be created automatically until the end of the year

·        Quarters : Periods will be made every 4 months, 6 months and others according to the number of periods you choose

·        Month : Period Per Month

·        Days : Period Per Day

4.        Period Indicator : Indicator Period refers to any series of documents (lines) that can be linked to one or more Accounting Periods.

5.              Period Status : This status period consists of 5 options, among others

·    Unlocked (Terbuka) : where all users can post all types of transactions and documents for that period. This status is assigned by default when a new posting period is created.

·        Unlock Except Sales (Terbuka Kecuali Sales) : where users can post all types of transactions (example: A/P Invoice and others) and documents for that period. Except Sales A/R

·    Period Closing (Dalam masa tutup period) : where users who have access rights to "Period-End Closing" can continue to post all types of documents and transactions during that period. Usually this status is used for:

1.           Period Has Ended

2.           Late transactions have been posted

3.           Only the closing of the year-end period remains to be done

·        Locked (Terkunci) : not a single document or transaction can be posted in this period. Assign this status to the period after all adjustments have been posted and the year-end closing process has been completed for that period.

·      Archived (Diarsipkan) : No documents or transactions can be posted in this period. By using the data archive wizard, you can archive all periods that have been locked

6.              Due Date : Due date range

The following is an explanation of the Posting Period in SAP Business One. Check out this interesting article about other features in SAP Business One. Stay Tuned