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Answered

Accounting Periods

Posted on by
Hello,
 
We missed adding accounting periods when we went live on Jan 2023 and migrated historical data for years 2019 to 2022.
 
Now, realize the importance of the accounting periords to have custom financial reports.
 
Before updating in Production, I added the accounting periods in Sandbox company. After adding the accounting, while posting the Purchase / Sales transactions, the system is running with Adjusting value entries every time.
 
To avoid this delay while posting, shall we run some process or add the accounting periods for the previous year is correct?
 
I hereby sharing the screenshots of processes that are running while creating Accounting periords and posting a purchase transaction.
 
Any support would be much appreciated.
 
/While
//
 
 
  • SS-29051101-0 Profile Picture
    SS-29051101-0 14 on at
    Accounting Periods
    Now, it is ok. It is not doing adjusting value entries after some time. I didn't act anything, by default, now it is doing normal functionality.
     
    Thanks everyone for the support. Really appreciatable.
     
    As the ticket is created with my personal account, I am unable to close this ticket with Answered. However, I have marked the posts as Liked which help me to resovle this ticket.
     
  • SS-29051101-0 Profile Picture
    SS-29051101-0 14 on at
    Accounting Periods
    Thanks Valentin for the quick resonse.
     
    If it is only the particular item which is used in the transaction then there will be no issue but it is doing adjusting value entries for random multiple items.
     
    That is an issue. please see the screenshot from one transaction where there is only one item used and it is running value entries on multiple items.
     
    Just I have taken screenshot for 3 items, but it is doing more.
     
     
  • Verified answer
    Valentin Castravet Profile Picture
    Valentin Castravet 5,208 Super User on at
    Accounting Periods
    Its because in the Inventory Setup you have Automatic Cost Adjustment set to Always. However, it should not adjust items that are not on that specific document. Its only going to adjust items affected by the document. 
     
    If you dont want automatic cost adjustment, you can set it to Never, and then run it manually by running Adjust Cost - Item Entries. However, it really depends how many transactions you have and how much effect the Automatic Cost Adjust has on each transaction. If you dont have a lot of transactions and the effect is low perhaps its better to leave it set to Always. 
  • SS-29051101-0 Profile Picture
    SS-29051101-0 14 on at
    Accounting Periods
    Hi All,
     
    Thanks for your valuable feedbacks.
     
    After adding accounting periods, on every Purchase / Sales transaction while preview the posting entries, system is working on adjusting value entries on multiple items which are even not availalbe in the particular purchase / sales document. This is annoying.
     
    How to avoid this and with this any changes on Chart of account, I mean on any particular GL.
     
    Appreciate your support on this.
  • Suggested answer
    Jun Wang Profile Picture
    Jun Wang 4,791 Super User on at
    Accounting Periods
    not only you need to set up accounting periods, you need to take a look at the post date range allowed on general ledger setup. It would post to any date if the field is blank.
     
    Jun Wang
  • Suggested answer
    TeddyH Profile Picture
    TeddyH 12,773 Super User on at
    Accounting Periods
    You can add the Accounting Period. It is better to do it, so you can close your year and run the close income statement properly.
  • Suggested answer
    Valentin Castravet Profile Picture
    Valentin Castravet 5,208 Super User on at
    Accounting Periods
    You need to add the Accounting Periods, and its okay to do it. Also, if you don't have accounting periods that means you haven't closed your year end in 2023 by running the Close Income Statement function? You should do that as well.
     
  • SS-29051101-0 Profile Picture
    SS-29051101-0 14 on at
    Accounting Periods
    @Mohana Yadav,
     
    yes, we are using this setup which you have highlighted.
     
    However, as said earlier, while posting purchase transaction, the system is doing adjusting value entries for different items randomly which are not even consider in the document.
     
    Also, my query is adding Accounting periods now for 2023 and 2024, does will impact anything or that will be ok.
     
    appreciate your support in this regard.
     
  • gdrenteria Profile Picture
    gdrenteria 3,574 Super User on at
    Accounting Periods
    Hi
    In addition to what our colleague has told us, I am giving you this information, I hope it sheds some light on you.
    BR
    GR
  • Verified answer
    Mohana Yadav Profile Picture
    Mohana Yadav 45,295 Super User on at
    Accounting Periods
    Are you sure it is not due to the following setup?

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