An accounting period represents a yearly range of dates that corresponds to a set of financial records or reports. For example, an accounting period for a tax year can start on June 1, and it can be divided quarterly into three-month ranges.
The following accounting periods are provided:
The accounting period settings that you define appear in the Purpose Type and in the Period parameters of several reports. For example, these settings appear in the Depreciation By Assigned Cost Center report. In these reports, the Purpose Type parameter lets you select an accounting period. You can then select a range of dates from the Period parameter.
This task is a step in the process for setting up the environment for managing contracts.