General Ledger - EBS (MOSC)

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THE USE OF A THIRTEENTH PERID IN GENERAL LEDGER

edited Jun 24, 2011 8:21PM in General Ledger - EBS (MOSC) 9 commentsAnswered
Good evening

Our company reports monthly to the Board of Directors.  We therefore have 12 monthly periods with an additional period called the thirteenth period for audit journals at the end of a financial year. 

Our consultants however, advised us to use the 13th period only for Balance Sheet reclassication or balance sheet adjusting items i.e. entries not involving profit & loss entries. 

Could anyone advise the danger in using such a period for Profit & Loss entries. These consultants are no longer working with our company.

Regards

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