Accounting Cycle Overview

Use the Accounting Cycle window to define and maintain the accounting cycles and periods that are date ranges used for reporting and controlling transaction activity.

An accounting cycle usually represents a fiscal year and contains accounting periods. Accounting periods typically fall within calendar month boundaries. Periods can be created outside of the accounting cycle date range to include transactions dated outside the cycle that need to be associated with it. Two periods within the same cycle cannot have date ranges that overlap, but the same date range can be covered by multiple periods in multiple cycles, if necessary.

All transactions in AptaFund are based in within an accounting cycle. Any transactions you create, such as purchase orders, receipts, vouchers, or paychecks, are created for the designated current accounting cycle. Only one cycle at a time can be designated as the current cycle; however, you can change the current cycle as often as you like.

Accounting Cycle statuses

Open: Cycles are created in the open state and remain there until closed by an administrator, usually as part of fiscal year-end activities.
Closed: No further transaction activity can be recorded in any of a closed cycle’s periods, but closed cycles can be re-opened if necessary.
Locked: Locked cycles can't be re-opened. You can view transactions in a locked cycle, but you can't make any changes. Closed cycles may be locked depending on the Cycle Lock configuration value set in System Configuration.
Active: An accounting cycle is active if it has transactions in any of its periods.
Inactive: An accounting cycle is inactive if it is not used in any transactions and has no active periods.

Accounting Period statuses

Open: Accounting periods are created in the open state and are available for activity. Periods remain open until closed by an administrator. Depending upon your business practice, periods are typically closed as part of an organization’s month-end processing.
Closed: The accounting period has been closed to further activity, but closed periods may be re-opened if necessary.
Locked: Locked periods can't be re-opened. You can view transactions in a locked period, but you can't make any changes to those transactions or to the period. Closed periods may be locked depending on the Period Lock configuration value set in System Configuration.
Active: The accounting period has transactions posted in it.
Inactive:The accounting period contains no transactions.