SYSPRO allows for transaction processing in any of SYSPRO's sub-ledgers for the current period, as well as two prior periods, provided the relevant period is open for posting in General Ledger. This adjusts the closing balances for the period in which they are made, as well as subsequent periods. It also alleviates the problem associated with period ends (i.e. the period can be closed to enable commencement of transaction posting in the next period, without losing the ability to correct or add postings or print reports for the prior period).
SYSPRO provides full integration to the General Ledger module from all those modules that process financially-based transactions. The General Ledger can be held open for two years, thus facilitating a smooth year-end while allowing for any auditor adjustments.
Multi-period accounting applies in the following SYSPRO modules:
Since postings to a previous period can only be made if that period is open, one way of securing the multi-period accounting facility is to prevent postings being made to a previous period. This is appropriate if you generally only post to the current month. If you need to post transactions to a prior month then you can still reopen the month manually.
You can configure SYSPRO to do this automatically by enabling the Close previous month automatically setup option (Company Maintenance). Alternatively, you can manually open and close previous period 1 and previous period 2 from within the setup program of each applicable module.
Against applicable modules in SYSPRO, you can assign a password that is requested whenever a posting is made to a previous month. This allows previous periods to be kept open for posting, while preventing the unauthorized posting of transactions.
Posting transactions to prior periods may result in a disparity between the closing balances for a specific period on one report and the opening balance for the next period.
If management reports are printed and filed (as part of the month end procedures) we recommend you reprint reports for the period in which the transaction was posted as well as for subsequent periods.
If you intend using multi-period accounting to report on prior month activities, then ensure that you are retaining records for at least 3 months.