MRC..11.5.10.2

I have setup a reporting set of books and assigned to the primary set of books.  The primary set of books have been in service since 2007; therefore I need to run the MRC Upgrade Utility program.  I am a little confused with the MRC document but can someone confirm that the following would be correct (TEST ENVIRONMENT);

MAR-13 is a closed period, April-13 is Open and May-13 is FUTURE Enterable.  So when asked for the FISRT MRC PERIOD in REPT Set of Books (the most current available is MAY-13)  This first MRC period has to be future or NEVER Opened!!