Can the December and January periods, when crossing a fiscal period, be open at the same time?
KB Article #:
56430
Summary:
Can the December and January periods, when crossing a fiscal period, be open at the same time?
Description:
Resolution:
 
Yes, in Deltek Vision, December and January periods can be open at the same time, even though they cross into a new fiscal year.
 
Here's how it works:
  • Vision allows multiple accounting periods and fiscal years to be open simultaneously.
  • This flexibility is especially useful during year-end processing, enabling users to:
    • Continue posting transactions to December (prior fiscal year) while also starting entries for January (new fiscal year).
    • Ensure that any changes made to the prior year (e.g., adjustments to General Ledger balances) will automatically update the opening balances in the new year.
Note: Making changes to prior periods may carry over into the new fiscal year in those entries which affect the Income Statement accounts and the Retained Earnings accounts, which could impact the new fiscal year financials. Therefore, re-running reports including the financial statements may be suggested depending on what changes were made.
 
Details  
 
To view full details, log in with your Deltek Support Center account.
Print