Understanding Report Periods
Overview
Report Periods are required throughout COR•REC for entry and management of all financial transactions. Report Period interaction can be nuanced or as simple as your environment requires. Report Periods and Report Period sets may be added at any time.
Advantages
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Group transactions by date allows for fast accurate reporting.
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Transaction dates confined to user-designated periods. Transaction dates are predetermined to be valid or invalid preventing transactions from being lost or miss placed due to dating errors.
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Period overlap, flexible reporting without the need for large time-consuming data sorts.
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Balance Forward. If your accounting requires that a Report Period be closed (Monthly, Quarterly, Year-to-Year) balances from one or more closed Report Periods may be quickly forwarded to open Report Periods.
Knowledge
Report Periods may overlap, be fully enclosed, or stand-alone. Two or more report periods may overlap. Transaction information will be available to any Report Period that encompasses the transaction date posted. This can be demonstrated by creating a Report Period that covers a single month and creating one or more Report Periods that fall within the month. Report Periods that cover a period that no other Report Period covers are stand-alone. This is demonstrated by the default set of Report Periods offered when you first set up COR•REC accounting. Each Report Period in the default set encompassed one month.
Automatic closing or manually closing a Report Period prevents transactions that fall within a closed period from being posted. If a transaction falls within a closed period and within an opened Report Period it will not post. The closed period takes precedent. Further, closing a Report Period that is itself enclosed within a Report Period should be avoided. Post-dated transactions will not post if they find that the required Report Period has been closed. Post-dated transactions are not removed, they may be edited to fall within an open Report Period.
Balance Forward. When forwarding from a closed period to an open period, monthly or yearly for example, purposeful transactions are created. When using the Balance Forward option reporting across multiple Report Periods that contain a forward balance and a Report Period having its balances forwarded must be avoided. Balance Forwarding is covered fully within COR•REC accounting documentation.
When a small subset of transaction information is required from within a Report Period a Report Period may be created to cover the short period or the transaction information may be obtained from a Chart of Account audit.
COR•REC documentation explains in detail creating Report Periods and other functions associated with Report Periods.