There are generally two scenarios for rolling the accounting period:
1. As soon as possible after a month has finished, invoices are generated for the month just ended.
Any journals or adjustments required are generated and then the period is rolled. This scenario is most common for operators.
2. After the 20th month payment run (when most invoices received from operators are due) the period is rolled. This scenario is most common for agents.
The aim is to roll the month at a time that results in the accounting period reports giving you a sensible 'set' of transactions.
Rolling the month also gives you an accurate aged balance report which is important in minimising your outstanding accounts.
If you miss rolling the month by a few days, then there is little impact. You may end up with some payments receipted into the wrong period, or some newly generated invoices in the wrong period.
If you miss rolling the period by longer, then you may end up with several 'sets' of accounting transactions in one period. If this happens, you will need to use the date-based accounting reports to see each month's transactions, rather than the period-based reports.
Our knowledgebase has more information so please get in touch if you need a hand.
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