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Using Additional Periods in General Ledger

This overview of Additional Periods will help users understand what additional periods are, how they are used, and how to activate this feature.

Overview

Additional periods are accounting periods outside the 12 months of the normal fiscal year.
In OpenGov, the additional periods available are periods 13, 14, and 15. The user defines how these
will be used. Use of additional periods is optional; there is no requirement to use additional periods.

Why Use Additional Periods?

Using additional periods is one way to manage fiscal year end entries. These optional periods
may be used to post journal entries the user wants to keep separate from period 12 entries.

Additional period entries will be those year-end entries that are made for reporting purposes.

Some examples are:
• Revenue accruals. If posted to an additional period, they don’t have to be reversed
in the new year (additional period balances are excluded from the year end close
process). An example would be the year-end utility billing revenue accrual.

• Capitalization of fixed assets. Posting entries to zero the capital expense accounts
in an additional period means the amounts through period 12 can still be used for
budgetary and year to year comparisons.

• Optional auditor adjustments, if distinguished from those that must be posted.

• Any other “report only” entries, such as compensated absences, insurance claims
incurred but not reported (IBNR), entries related to debt issuance costs, or
recording net pension asset or liability.

These entries may all be posted to one additional period, or the user may post different entries to
different additional periods. Again, the user defines how the additional periods are used and what
entries, if any, are posted to each.

Activating the Additional Periods Feature

Navigation: General Ledger>Settings>General

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Set the flag 'Include the additional periods?' to Yes, so when a year end close is run, the system will calculate beginning balances which include the additional periods. This setting only affects reports under the General Ledger>Year End Processing>Additional Period JE's and Reports menu option; it does not affect reports under the General Ledger>Financial Reports menu option.

Also see Entering Additional Period Journal Entries.

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