Accounting Period
An accounting period is a range of time used in a financial report. The most common accounting period is one year, following the annual calendar from January 1st to December 31st. However, it is not uncommon for a company to use a different periodization, such as from April 1st to March 31st, depending on the company's needs. Additionally, an adjustment period can be added for audit purposes.
Monthly Definition
To register an accounting period in SOFICloud, click on the Miscellenaous/Setup Menu/GL Month Definition. After that, complete the period data as shown in Figure 2.2.
Trading Month Definition
In addition to the General Ledger (GL) Month definition, SOFICloud has a separate period for Inventory (trading). The calculation of inventory and closing of the inventory period can be done separately from the GL period. To register the Inventory period, click on the Miscellenaous/Setup Menu/Trading Month Definition. After that, complete the period data as shown in Figure 2.3.
