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1. Add a row for each fiscal Year.
2. For each year, enter a Closing Date, which determines the end of the fiscal year.
   • To configure different Account Periods per Company Code, on a new row, enter an existing fiscal year and the Company Code.
     Note: For each year, you must maintain a row with no Company Code specified, or you may receive warnings that your account periods have not been initialized correctly.

3. For each period, enter the default ledger code from the Chart of Accounts for each of these accounts:

   • Accounts Payable
   • Accounts Receivable
   • Clearance
      *The clearance account functions like a temporary account where a payment amount is held temporarily before eventually flowing to the bank account. This account operates as a holding account until the actual invoice comes to book the cost.
   • Interbank Transfer
   • Retained Earnings
     Note: If you do not enter a default Retained Earnings account, you may receive a large Unknown amount on your Trial Balance report.
   • Exchange Difference
   • Intercompany

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