Before you use period close rules, you set up each entity's Accounting Period Rule Date field (tag 2300). The system uses the Accounting Period Rule field value when it determines how to set in order to derive the accounting date for a transaction during processing. indicate the criteria that the system uses to identify the period close rules for the entity's transactionsIt 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 the accounting date for a transaction, 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 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 if the accounting period is open. Otherwise, the system uses the latest open accounting period.
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