Support for open and closed posting periods

New feature for those who use Next® Invoices for processing purchase invoices.

When you process purchase invoices in a larger organization, it becomes paramount that you respect the open and closed accounting periods set in the finance system. Otherwise you risk transferring postings that are rejected by the finance system. Or even worse, postings that are posted in already closed periods. 

To resolve this, we now introduce company level general ledger periods. Each period (typically a month or a quarter) is defined by a From date and a To date and comes with a grace period - Allow postings until.

Company level general ledger periods    

GL periods illustrated

Each period is defined by a start and an end date, and comes with a grace period.


If you do not define periods, posting are always allowed.

With periods defined, you can only post an invoice if the assigned posting date is within the range (from and to date) of an enabled period.


You can only post into an enabled period.


Before posting any purchase invoice, the validity of all posting dates are verified by Next®. If a posting date does not match an open period, you will be asked to resolve this matter. 

A 'Post-check' task is created when one or more postings are invalid with respect to the general ledger period.


Postings must call into an open period.


Otherwise you must change the posting date. Or if you are authorized - ignore the posting period.


Additional information

Please refer to the online product guide for additional information on this feature, once it is released.

For the techies

For increased automation, the general ledger period can be updated from the finance system using the REST API.

Commercial terms and conditions

This new feature is available at no additional cost, to users with an active service plan. Any consultancy assistance will be invoiced. 

Disclaimer

Despite our best efforts, we may be forced to change both content and expected delivery of future product updates without notice.


Details

Title:

Support for open and closed posting periods

Type:

New feature

Status:

Released

Expected release:

July 2021

Affected products:

Next® Invoices

Audience:

End user

Classification:

Public

Responsible product manager:

Jørn Manfeld Christensen

Updated:

09.07.2021

By:

Henrik Fjorback