Appendix B - Accounting Periods (10.4)

The accounting period within Florida PALM indicates the specific timeframe the transaction is recorded, posted and stored. The periods are defined by the accounting calendars. There are three different types of accounting periods within Florida PALM:

• System Driven (0 & 999)
  • Period 0 is the automated opening period for the new fiscal year. Beginning balances for all real accounts are posted here to start the new fiscal year.
  • Period 999 represents the end of the fiscal year finalized balances. These balances are automatically updated during the closing process. The balances from all periods are summarized and closed into this period.
  • Only used by the General Ledger.
  • These periods are not visible or selectable by a user.
• Operational Accounting Period (1-12)
  • Operational accounting periods represent one-month timeframes within the fiscal year. For the State of Florida our period 1 represents the month of July, period 2 represents the month of August, etc.
• Adjustment Period (997 and 998)
  • The adjustment period represents a designated timeframe that is available to perform balance adjustments that should not be reflected in the current transactional period.
  • Only used by the General Ledger.
  • Enterprise controls the opening and close of this period.