• Overview
• Advancing the period
• Effects of updating the period
• Changing periods in a monthly file
• Working in the future

Effects of updating the period

1. The period indicated in Current Period will be updated to the next active period.
2. Any billed items in the work in process and paid invoices in the accounts receivable will be cleared (these transactions are not purged and are still available for analysis).
3. Any appropriate future period time and expenses are updated to current period time and expense totals for each employee.
4. Any future dated invoices and cash receipts now appear as current transactions for the period.
5. Although all transactions (e.g. time, expense, invoices etc.) for prior periods cannot be edited in the current active period, they can be viewed. Correction of prior period transactions must be done via normal accounting control methods such as credit notes and adjustments in the current active period.