Period Types
There are three types of GL periods:
• Normal
• Correction
• Year-End Closing
Note: The correction and year-end closing types are associated with only the entity calendar; all domain periods are of a normal type.
The purpose of a period type is to differentiate special activity from the standard period activity. You create a correction period in cases where a review of the year-end statements results in the need to make adjustments to the accounts before official publication. The correction period is normally the last period in the GL calendar year.
Periods are normally reset to year-end closing when final reporting is complete and the year-end process is started.
The default period type is normal.