Issue
I would like to create an additional period for Adjusting Transactions in General Ledger and only have the adjustments show up in this period.
Resolution
To create an additional period for entering Adjusting Transactions, set up 14 periods. If you only have 13 periods, all of your transactions posted to the last day of your fiscal period will also show up in this 13th period.
1. Make a backup that can be restored in case an undesired data loss occurs.
2. Go to Setup | Company | Fiscal Periods. Enter 14 in the number of periods box, and hit Calculate.
3. Adjust your periods and set up your 13th and 14th period to have the same begin date; the begin date of these two periods can be the last day of your Fiscal Year.
4. When posting regularly, with all periods open, transactions will post normally to your 12th period, but any transactions with a date of the last day of your year will post to period 13. When doing your totals for period 12, combine period 12 and 13 to get the totals for period 12.
5. To enter your adjusting entries, mark period 13 as closed by checking it off in Fiscal Period Setup.
6. Post your adjusting entries and they will update period 14.
Notes
1. If you reconcile, the adjusting amounts in period 14 will go into Period 13 and period 14 will have a zero balance.
2. Warning - If you use Fixed Assets you will be unable to utilize more than one closing period with the same date.
3. To successfully post into period 14 these requirements must be met:
a. The additional fiscal periods must be set up before closing the year.
b. The year must then be closed.
c. In the Fiscal Period Setup Window, you must mark all the financial periods as closed, except period 14.
With these requirements being met, a transaction could be posted to 12/31/99 and it will be considered a part of period 14.