What are GL periods?

Learn about GL periods.

There are fifteen periods available in a fiscal or calendar year.

The first GL period is Period 00/YY. It stores the beginning balances generated by the system in the OBACT journal and budget entries.
The next twelve GL periods are Period 01/YY - 12/YY. Period 01/YY is the first month in the fiscal/calendar year, Period 02/YY is the second month, Period 03/YY is the third month, and so on. The most common beginning periods are Period 01/YY, 07/YY, and 10/YY.
The Accounts Payable and General Ledger closing period is Period 13/YY (optional). Use Period 13/YY to enter Accounts Payable invoices after year-end and enter year-end adjustments prior to audit. Use Period 13/YY to enter any information that affects the year without affecting the last GL period of the fiscal year.
Use Period 14/YY to enter entries indicated by the year-end audit.

Contents

GL Periods Overview (2m16s). Learn how GL periods work in General Ledger.

Updated 25Aug2017

Here is a table that shows GL periods by calendar year, and GL periods by fiscal year when the fiscal year end is June 30th.

GL Periods using a Calendar Year		GL Periods using a Fiscal Year ending June 30th
00/YY	Opening balances for new year.	00/YY
01/YY		07/YY
02/YY		08/YY
03/YY		09/YY
04/YY		10/YY
05/YY		11/YY
06/YY		12/YY
07/YY		01/YY
08/YY		02/YY
09/YY		03/YY
10/YY		04/YY
11/YY		05/YY
12/YY		06/YY

13/YY	Year-end or adjusting entries	13/YY
14/YY	Audit entries	14/YY