Period Close: An Overview
The Period Close feature allows you to store and protect current depreciation values for all assets. This feature provides a security blanket against future calculation problems, such as changes made to assets that lead to incorrect calculations. If needed, you can then later reset depreciation to the period close date, a time when you last tied out to your general ledger.
The tasks involved in conducting a period close are exactly the same as those for running a Depreciation Expense report. The only difference is how you access the feature. Plus, the application stores the results of conducting the period close in the Period Close fields. This allows you to later reset depreciation to a period close date if necessary.
Note: When you conduct a period close, the system does not calculate depreciation; the system is only storing figures.
You can view period close calculation amounts for an asset in Asset Detail. The last three book information fields display those figures:
Note: If you want the period close to affect all extensions of a System Number, you must assign criteria to the group on which you are performing the period close that will include all extension numbers.