Before you In order to use period close rules, you must set up each entity's the Accounting Period Rule Date field (tag 2300) for each entity.
The system uses the Accounting Period Rule field value in order to derive assign the accounting date for a transaction during processing. It derives the accounting date based on the transaction's effective date (trade date) and based on the accounting period that is open at time of processing. Options include:
- Trade Date. Default. When the systems set system assigns the accounting date for a transactionthe entity's transactions, the accounting date is equal to the effective date (trade date) of the transaction if the accounting period is open. Otherwise, the system uses the latest open accounting period.
- Trade Date + 1 Business Day. Also called T + 1. If you select this value, you can set up period close rules using the Add Period Close Rule panel to identify the types of processing activity that use Trade Date + 1 Business Day logic to identify the accounting date. For processing activity When the system assigns the accounting date for the entity's transactions and the accounting period is open, it uses the period close rules to verify whether the processing event qualifies for T + 1 accounting date assignment. For processing events included in the period close rules, when the system assigns the accounting date for a transaction, the accounting date is equal to the trade date plus one business day , it uses T + 1 to assign the accounting date, using the effective date plus one business to assign the accounting date.. For processing events excluded from the period close rules, it uses the effective date (trade date) of the transaction to assign the accounting date. Otherwise, if the accounting period is not open. Otherwise, the system uses the latest open accounting period.