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- Add a row for each fiscal Year.
- 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.
- To configure different Account Periods per Company Code, on a new row, enter an existing fiscal year and the Company Code.
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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