GL Calendar

In GL calendar is of 2 types

1.)    Accounting Calendar: Accounting calendar are used to determine accounting periods which are used to secure & maintain journals & balances.

2.)    Transaction Calendar: It is used to determine the list of holidays & also to calculate avg balances

Validation required for a calendar

1.)    Always the calendar should be in sequential order by date

2.)    There should not be any date gaps between the periods

3.)    There should not be any overlaps between the periods

4.)    Period numbers should also be in sequential order & period numbers should not be greater than number of periods of period types

5.)    Quarter number should also be in sequential order & a year must be divided in 4 quarters (quarter can be of any size that is not only 3 months per quarter)

6.)    A year has to be same irrespective of  dates (some companies takes starting year & some takes ending year)

7.)    In one calendar, we can define periods for 1 or more financial years

Adjusting Periods: Adjustments are used for audit purposes that are to balance the credits & debits. We can keep the adjustment period at any place in our accounting calendar. The only thing is that the date cannot be given for the period which has already passed. So if a company wants to post the adjustments on the day of audit then add the adjustment period in starting

Adjusting Periods can overlap with date range of an accounting period

Note: 1.) If we wish to migrate data from a legacy system then we have to define periods for that duration as well.

          2.) Once the calendar is assigned to ledger then we can not modify it (we can add periods but can not modify the existing structure)

Create Period Types: Navigate to Setup > Financials > Calendar > Types & give details as shown below

Define Accounting Calendar: Navigate to Setup > Financials > Calendars > Accounting & give details as shown below

Note that we have given Year as 2012 even for the months which falls in 2013. In case if we give 2013 for the months Jan to Mar, then the system will take that as 2 financial years & will expect us to provide periods for both the years

Save the record & try to close the form. You’ll get a pop up asking

Click on Current. It will submit ‘Other - Calendar Validation Report’. This is just for the first time the system will ask. From next time onwards if we have to make any changes then we’ll submit this program manually

Open the output file for the concurrent program & we can see that the system has done all the verifications which we have mentioned above