Accounting Period
Overview
Accounting Period – Business Overview
Accounting Period defines a specific time span—such as a month, quarter, or financial year—during which financial transactions are recorded, reviewed, and reported in Dafater. It provides a clear structure for organizing financial activity and ensures consistency in accounting and reporting.
What Accounting Period Is Used For
In daily business operations, Accounting Period is used to:
- Group financial transactions into defined time frames
- Support accurate financial reporting and comparisons
- Control when transactions can be recorded or adjusted
- Help management review performance for a specific period
By clearly defining when an accounting period starts and ends, businesses maintain orderly and reliable financial records.
Prerequisites and Setup Requirements
Before using Accounting Period, the following should be in place:
- A clearly defined financial year structure for the business
- Agreement on how often financial results are reviewed (monthly, quarterly, yearly)
- Basic accounting rules and approval practices defined internally
Once these are agreed, Accounting Periods can be created to match the organization’s reporting and compliance needs.
Typical Workflow and How It Fits into Business Processes
Define the Accounting Period
The finance team creates an Accounting Period for a specific date range (for example, January to March).Record Transactions During the Period
All sales, purchases, expenses, and other financial activities are recorded within the active Accounting Period.Review and Reconcile
At the end of the period, transactions are reviewed, reconciled, and verified for accuracy.Close the Period
Once finalized, the Accounting Period is closed to prevent unintended changes, ensuring financial integrity.Report and Analyze
Financial statements and performance reports are generated for decision-making and compliance.
Key Business Scenarios Where Accounting Period Is Essential
- Monthly or quarterly financial reporting for management reviews
- Year-end closing and preparation of financial statements
- Audit and compliance requirements, where clear time boundaries are critical
- Budget tracking and performance comparison across periods
- Preventing backdated or unauthorized changes to finalized accounts
Important Considerations for Users
- Ensure all transactions are correctly recorded before closing an Accounting Period
- Once closed, changes should be restricted and handled through formal review processes
- Align Accounting Periods with statutory and regulatory requirements
- Use consistent period lengths to enable meaningful comparisons
- Coordinate with all departments to avoid late entries after a period is finalized
Accounting Period plays a critical role in maintaining financial discipline, improving transparency, and supporting informed business decisions within Dafater.
Basic Information
- Module: Accounts
- Document Type: Other
Fields
| Field Name | Label | Type | Required | Options | Description |
|---|---|---|---|---|---|
| period_name | Period Name | Data | ✓ | - | Accounting period title used for reporting in Dafater. |
| start_date | Start Date | Date | ✓ | - | Date when accounting period begins for Dafater reporting. |
| end_date | End Date | Date | ✓ | - | Date when accounting period ends for Dafater reporting. |
| company | Company | Link | ✓ | Company | Company to which this accounting period applies in Dafater. |
| closed_documents | Closed Documents | Table | ✓ | Closed Document | List of document types closed within this period in Dafater. |
Child Tables
Closed Documents (Closed Document)
| Field Name | Label | Type | Required | Options | Description |
|---|---|---|---|---|---|
| document_type | Document Type | Link | ✓ | DocType | Referenced Dafater document type being tracked for closure |
| closed | Closed | Check | - | Indicates whether the selected document type is marked closed |
Permissions
| Role | Read | Write | Create | Delete | Submit | Cancel |
|---|---|---|---|---|---|---|
| Accounts User | ✓ | ✓ | ✓ | ✓ | ||
| System Manager | ✓ | ✓ | ✓ | ✓ | ||
| Accounts Manager | ✓ | ✓ | ✓ | ✓ |
Related DocTypes
| DocType | Relationship | Module |
|---|---|---|
| Company | Links to | Setup |