Period Open/Close

[Former Member]

Dear Expert,

Last month we have Opend/closed period first time at mid night. here my question regarding period open/close as follows.

1) Is it Compulsory to period close at mid night ...Why not period open and close before mid night it means in office hour because we allow to post previous period. Pl. descibe in details.

2) What steps should be taken care before period close. Pl.guide me in details.

Thanks & Regards

Piyush Dave

[former_member187989]

Assumed Answered.

[kailas_ugale]

Hi

1) Is it Compulsory to period close at mid night ...Why not period open and close before mid night it means in office hour because we allow to post previous period. Pl. descibe in details.

not compulsory .once all activity done for a period we can close period

2) What steps should be taken care before period close. Pl.guide me in details.

check following link

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Regards

kailas ugale

[Former Member]

Hi Kailash,

Thanks for Reply .

I have ask again question for question no. 1 , I am from mm side , I have explain u as following what i want.

Our company is continuse process plant.. all transaction generated in any shift. If I close & Open MM period at 17.00 P.m. instead of Midnight (after month change ) . Pl. give me following answer.

1) is it possible after period close I can do the transaction today date (31.05.11).

2) all trancations of today (After period close 17.00 pm) caputre in today itself (31.05.11) or caputre in 01.06.11 if period open /close as above.

3) Today (31.05.11) transaction caputer in may stock register or jun stock register.

Pl. guide in details with example what is the effect if I will close period 17.00 pm instead of midnight

Thanks & Regards

Piyush

[kailas_ugale]

Hi

1) is it possible after period close I can do the transaction today date (31.05.11).

ANS: its indicator that you want open 1.6.2011 correct?

please clear one thing,back posting is allowed in your company ? if yes then you can do this

means from your explanation your are in period 04 and 05 ,when you close this, it will 05 and 06

so i thing no problem to do transaction on 31-5-2011

previues period 05-2011

and current period will be 06-2011

i thing this explanation will clear all dough ,check period in MMPV whether back posting allowed or not

still your organization want close mm period in midnight you can do this ,its depend on your organization

Regards

Kailas Ugale

[Former Member]

Hi Kailash,

In MMRV I have seen Allow Posting to previous per is allowed. So there is no issue to close period in advance instead of Mid night. and pl. tell me there is no impact on stock regsiter & today transaction also. Pl. suggest.

Thanks a Lot for taking insterest to answer and guide me , I appreciate to you.

Regard

Piyush

[kailas_ugale]

Hi

In MMRV I have seen Allow Posting to previous per is allowed. So there is no issue to close period in advance instead of Mid night. and pl. tell me there is no impact on stock regsiter & today transaction also

No impact,do transaction of 05 in 05 period and 06 in 06 period don't mix-up it

Regards

Kailas Ugale

[rafael_zaragatzky]

Hi Piyush,

As everybody mentioned, posting to 31/5 will be possible after the period closing, since backposting is allowed, But it can have special consequences with regard to price changes.

- If you change the price with validity date 31/5, the price for June will remain intact and the transactions posted tomorrow will use the old price - you have to change the price with posting date of 1/6 too.

- If you already changed the price for June and the price of May is the old one, posting trs in 31/5 will generate two accounting documents - the usual document for period 5 and a revaluation document for period 6 (the stock account BSX against the revaluation account UMB) to reflect the different value of the same stock qty in June.

BR

Raf

[former_member226201]

hI

you can close the period before mid night also. problem is you have to post all accounting entries and run the costing.

if you finish this required entries you can close the period any time.

Laxman

[former_member187989]

2) What steps should be taken care before period close. Pl.guide me in details.

Ensure all transactions were posted in previous period.

For example stock postings to be corrected in required period.

In case of FI period,for example asset posting need to be done in previous period,keep previous period.

Open new period for other account types.