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NSC | Adjustment Period and Period Checklist

May 25, 2023 2:16AM edited Apr 3, 2024 6:09PM in Accounting / ERP

User wants to have a general overview of how adjustment periods work and make sure everything flows smoothly on their end.

User can only post Journal Entries to an adjustment period. Adjustment periods are not available in the Posting Period dropdown for non-Journal Entry transactions.

Regarding its relation to revaluation and IC elimination, upon checking internally, it is noted that it is not advisable to book intercompany transactions in the Adjustment Period, that feature is best used for normal journal entries that are not being eliminated. This is also documented under SAID 68949: users should not run any period close task on the adjustment period. Executing tasks such as elimination intercompany transaction on an Adjustment Period will result to duplicate entries.

Clarisa De Torres | Ask a Guru