About the Change Period window
Use the Change Period window to change the default current posting period for the entire program. If you are on period 12 of your current fiscal year, the window allows you to select period 1 of the next fiscal year. This feature replaces the "close year" requirement for previous Sage 100 Contractor releases. Instead of closing your fiscal year, select period 1 of the next fiscal year. You can then archive your data at your earliest convenience.
Click the arrow key to the right of the Change Period to box
When you advance to the next posting period or a future posting period, for example from period 1 to period 2 or 2 to 9, the program performs an audit automatically. The audit results are logged in the Audit History window. After the audit has been completed, you click the button to change the period.
To change the posting period, under Period Selection, type a period number or click the arrow button to open the Posting Period window from which you can select a posting period.
Tip: No audit is performed when you go backward, for example, from period 2 to period 1.
Standard posting procedures and reporting
If you do not have standard posting procedures, it is a good idea to establish them for your company. For example, post any corrections to the current fiscal period unless there are other reasons not to do so. Set a date when you change the period each month. You can post to prior accounting periods after changing the period, but it is essential to change prior periods so that reports are accurate.
Suppose you have issued financial reports to a lender based on information from period 3. Now in period 5, you find that you need to make a correction related to data in period 3. Posting the corrections to period 3 changes the data in that period, which impacts the financial reports you have already produced and sent to the lender. To avoid any problems this might cause, it is better to post the corrections to the current fiscal period.